Several Project Finance patterns (1)

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高考英语模试题专题训练:专题06 语法填空(新高考八省专用)(原卷版)

高考英语模试题专题训练:专题06  语法填空(新高考八省专用)(原卷版)

专题06 完形填空距离高考还有一段时间,不少有经验的老师都会提醒考生,愈是临近高考,能否咬紧牙关、学会自我调节,态度是否主动积极,安排是否科学合理,能不能保持良好的心态、以饱满的情绪迎接挑战,其效果往往大不一样。

以下是本人从事10多年教学经验总结出的以下学习资料,希望可以帮助大家提高答题的正确率,希望对你有所帮助,有志者事竟成!养成良好的答题习惯,是决定高考英语成败的决定性因素之一。

做题前,要认真阅读题目要求、题干和选项,并对答案内容作出合理预测;答题时,切忌跟着感觉走,最好按照题目序号来做,不会的或存在疑问的,要做好标记,要善于发现,找到题目的题眼所在,规范答题,书写工整;答题完毕时,要认真检查,查漏补缺,纠正错误。

总之,在最后的复习阶段,学生们不要加大练习量。

在这个时候,学生要尽快找到适合自己的答题方式,最重要的是以平常心去面对考试。

英语最后的复习要树立信心,考试的时候遇到难题要想“别人也难”,遇到容易的则要想“细心审题”。

越到最后,考生越要回归基础,单词最好再梳理一遍,这样有利于提高阅读理解的效率。

另附高考复习方法和考前30天冲刺复习方法。

1.【湖北省高中名校联合统考一模】阅读下面短文,在空白处填入1个适当的单词或括号内单词的正确形式。

__36__ internet technology expanding every day, it is hard to keep up with the innovative software that keeps popping up on a regular basis. __37__ Bitcoin was first introduced in 2009, it is still a relatively new player in the online payment system. What makes this internet payment network so special is its __38__ (unique). It makes it possible to transfer Bitcoin currency from one peer to another quickly and effectively. The processing fees are very low and you can make worldwide payments in minutes.Bitcoin is a digital currency that is bought, sold and transferred between fellow __39__ (use) of the same payment network. The process begins when the prospective member downloads the software to their computer or phone. Once you __40__ (complete) this process you will receive a Bitcoin address. The address is used to send you payments for goods or services rendered. This currency can also __41__ (buy) on a market exchange. You can sell your bitcoins at this exchange as well. The unique thing about this payment network is that the currency is decentralized. It is not owned or controlled by any bank or __42__ (finance) institution. It is not insured by the FDIC.It is open to anyone that wants to become a member. More and more merchants __43__ (accept) this digital currency for their goods or services. There is no risk and the encryption process is very effective.The following shows how the bitcoin works. You install a wallet on your computer or phone. You receive yournew IP address. Then you begin accumulating bitcoins through purchase or transactions. All transactions on the payment network are stored in a Block Chain, which is nothing more than a __44__ (share) public ledger. Bitcoins are transferred instantly and is verified mathematically by the network. Currency is transferred from one wallet to another quickly, safely, and securely. The Bitcoin mining process is __45__ the transactions are constantly stored in the block chain and then verified by the computer.2.【2023年广东省深圳市统考一模】阅读下而短文,在空白处填入1个适当的单词或括号内单词的正确形式。

财务分析经理英文简历表格

财务分析经理英文简历表格

Financial Analysis Manager - Resume Outline Personal Information•Name: [Your Full Name]•Email address: [Your Email Address]•Phone number: [Your Phone Number]•Address: [Your Address]SummaryExperienced financial analysis manager with a track record of success in providing financial guidance to executive leadership teams. Skilled in financial analysis, forecasting, budgeting and project management with a commitment to results-driven solutions.Education•Master of Business Administration (MBA), University of XYZ, [Graduation Year]•Bachelor of Science in Finance, State University of ABC, [Graduation Year]•Certified Public Accountant (CPA), [Year]Professional Experience[Current / Most Recent Position]Financial Analysis Manager, [Company Name], [Employment Period]•Directed the financial analysis department, providing leadership and insights to a team of 10 analysts.•Analyzed financial data to identify trends and patterns, resulting in cost-savings initiatives that reduced expenses by 10%.•Coordinated with executive leadership to develop strategic plans, which improved profit margins by 5%.•Oversaw the preparation of budgets and financial forecasts, ensuring accuracy and timeliness.•Led financial due diligence for mergers and acquisitions, resulting in the successful completion of two deals worth a total of $100 million.[Previous Position]Senior Financial Analyst, [Company Name], [Employment Period]•Conducted financial analysis to identify areas for improvement in operations, leading to the implementation ofprocess improvements that resulted in a 15% increase in efficiency.•Assisted in the preparation of annual budgets and quarterly forecasts, ensuring that all financial targets were met.•Provided financial guidance to departmental managers, resulting in the achievement of financial targets and goals.•Collaborated with product development teams on pricing decisions, which increased profitability by 8%.Skills•Financial analysis and reporting•Budget preparation and analysis•Project management•Risk assessment and management•Strategic planning•Business development and growth•Leadership and team management•Interpersonal and communication skillsCertifications•Certified Public Accountant (CPA)•Chartered Financial Analyst (CFA) ReferencesAvailable upon request。

Several Project Finance patterns

Several Project Finance patterns
Try to achieve limited recourse Try to realize the appropriate risk allocation Minimize the cost of funding Minimize the equity from the sponsors Realize the off-balance sheet financing
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advanced payment-definition
Advanced payment or forward-purchase agreement involves the purchase and sale of oil, gas, or some other commodity prior to its production. A forward-purchase agreement is entered into between the project vehicle and the lenders- or more usually a financing vehicle owned by the lenders-under which the latter agrees to pay in advance for goods to be produced by the project vehicle.
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Terms
maintenance lease:维修性租赁 : installment :分期付款 noncancelable :不可取消的 expiration :到期 direct Lease :直接租赁 sale and Leaseback :售后回租 salvage value :残值 assignment :分配 equity interest:权益 : lien :留置权

cfa二级 reading1

cfa二级 reading1

cfa二级 reading1Reading 1 - Corporate FinanceThe first reading in the CFA Level II exam, Corporate Finance, covers various topics related to financial planning and decision-making within corporations. This reading has a significant influence on the overall understanding of finance and investment management. Let us explore some of the key concepts discussed in this reading.1. The Financial Management FunctionThe reading begins by introducing the financial management function and its role in managing the firm's financial resources. It highlights the primary responsibility of financial managers, which is to maximize shareholder wealth. The reading explains how financial managers achieve this goal by making investment decisions and financing decisions.2. Investment Decision AnalysisThis section focuses on evaluating potential investment projects using various methods, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period. These techniques help financial managers determine the profitability and viability of investment opportunities. The reading also emphasizes the importance of considering risk and uncertainty when making investment decisions.3. Capital Budgeting TechniquesThe reading delves into capital budgeting techniques, including the use of discounted cash flow models, such as the NPV and IRRmethods. It provides step-by-step guidelines for applying these models to determine whether an investment project should be accepted or rejected. Additionally, it discusses the importance of sensitivity analysis and scenario analysis in assessing the impact of changes in key variables on investment decisions.4. Cost of CapitalIn this section, the reading explains how to calculate the cost of capital, which represents the required rate of return for a firm's investments. It covers different sources of capital, including equity and debt, and discusses the impact of taxes on the cost of capital. The concept of the weighted average cost of capital (WACC) is also introduced, highlighting its significance in determining the minimum acceptable return for investment projects.5. Capital StructureThe reading explores the concept of capital structure, which refers to the mix of debt and equity financing used by a firm. It discusses factors that influence the optimal capital structure, such as risk, taxes, and the firm's ability to generate cash flows. The Modigliani-Miller theorem is presented as a theoretical framework for understanding the relationship between capital structure and firm value.6. Dividend PolicyThis section focuses on the various factors that influence a firm's dividend policy, including legal constraints, financial flexibility, and shareholder preferences. The reading explores different dividend distribution methods, such as cash dividends and stock dividends, and their impact on the firm's value. It also discussesshare repurchases and their implications for shareholders.7. Corporate GovernanceThe reading concludes by discussing the importance of corporate governance in ensuring efficient and effective decision-making within a firm. It explores the roles and responsibilities of the board of directors, shareholders, and management in corporate governance. The reading also covers the relevance of ethical considerations and social responsible behaviors in corporate finance decisions.In conclusion, the first reading in the CFA Level II exam, Corporate Finance, covers essential topics related to financial planning and decision-making within corporations. It provides a comprehensive understanding of investment decision analysis, capital budgeting techniques, cost of capital, capital structure, dividend policy, and corporate governance. Applying the knowledge gained from this reading is crucial for any finance professional aiming to make informed financial decisions.。

英语高考试卷原题

英语高考试卷原题

Section I: Listening Comprehension (25 points)Part A: Short Conversations (5 points)1. A. The man is looking for a job.B. The woman is offering the man a job.C. The man is asking for a raise.D. The woman is giving the man advice on job interviews.2. A. The woman is in a hurry to catch the bus.B. The man is driving too fast.C. The woman is late for her appointment.D. The man is helping the woman find a taxi.3. A. The man wants to go to the movies.B. The woman is not interested in going out.C. The man is suggesting they go to a concert.D. The woman is trying to change the man's mind.4. A. The man is asking for a book recommendation.B. The woman is recommending a new restaurant.C. The man is interested in cooking.D. The woman is looking for a job.5. A. The man is trying to find a lost item.B. The woman is offering to help the man.C. The man is looking for a place to stay.D. The woman is asking for directions.Part B: Long Conversations (5 points)6. What is the main topic of the conversation?A. Traveling in EuropeB. Studying at a foreign universityC. Cultural differencesD. Finding a job abroadPart C: Short Passages (5 points)7. What is the main idea of the passage?A. The benefits of readingB. The challenges of modern technologyC. The history of the InternetD. The impact of social media8. According to the passage, what is the author's opinion on online learning?A. It is more effective than traditional learning.B. It is less effective than traditional learning.C. It has both advantages and disadvantages.D. It is only suitable for certain subjects.Part D: Listening in Depth (5 points)9. What is the main purpose of the talk?A. To provide information about a new technology.B. To persuade listeners to use a new product.C. To discuss the history of a particular invention.D. To analyze the effects of a new trend.10. According to the speaker, what are the potential risks of using the new technology?A. Privacy concernsB. Security issuesC. Health risksD. All of the aboveSection II: Use of English (25 points)Part A: Vocabulary (10 points)11. Choose the correct word to complete the sentence.A. advanceB. advanceC. advanceD. advance12. Choose the correct word to complete the sentence.A. persuadeB. persuadeC. persuadeD. persuade13. Choose the correct word to complete the sentence.A. applyB. applyC. applyD. apply14. Choose the correct word to complete the sentence.A. originateB. originateC. originateD. originate15. Choose the correct word to complete the sentence.A. performB. performC. performD. performPart B: Grammar (10 points)16. Choose the correct form of the verb to complete the sentence.A. Are beingB. AreC. WereD. Be17. Choose the correct form of the verb to complete the sentence.A. HadB. HaveC. HavingD. Had been18. Choose the correct form of the verb to complete the sentence.A. WereB. WereC. AreD. Be19. Choose the correct form of the verb to complete the sentence.A. WereB. WereC. AreD. Be20. Choose the correct form of the verb to complete the sentence.A. WereB. WereC. AreD. BeSection III: Reading Comprehension (30 points)Passage 1: (10 points)Read the following passage and answer the questions that follow.The rapid development of technology has had a significant impact on the way we live and work. One of the most notable changes is the rise of remote work. Many companies now offer flexible work arrangements, allowing employees to work from home or any location of their choice. This shift has several advantages, including increased productivity, reduced commuting time, and improved work-life balance.However, remote work also presents challenges. One of the main concerns is the potential for isolation and lack of face-to-face interaction. Additionally, employees may struggle with setting boundaries between work and personal life. To address these issues, companies are implementing various strategies, such as regular team meetings, virtual social events, and clear communication guidelines.21. What is the main topic of the passage?A. The benefits of remote workB. The challenges of remote workC. The history of remote workD. The future of remote work22. According to the passage, what are some of the advantages of remote work?A. Increased productivity, reduced commuting time, and improvedwork-life balanceB. Increased productivity, reduced commuting time, and increased social interactionC. Reduced productivity, increased commuting time, and improvedwork-life balanceD. Reduced productivity, increased commuting time, and increased social interaction23. What is one of the main concerns associated with remote work?A. Increased productivityB. Reduced commuting timeC. Lack of face-to-face interactionD. Improved work-life balancePassage 2: (10 points)Read the following passage and answer the questions that follow.Global warming is a significant environmental issue that poses a serious threat to the planet. The primary cause of global warming is the excessive emission of greenhouse gases, such as carbon dioxide, methane,and nitrous oxide. These gases trap heat in the atmosphere, leading to rising temperatures and extreme weather patterns.To combat global warming, several measures can be taken. Governments can implement policies that reduce greenhouse gas emissions, such as investing in renewable energy sources and imposing carbon taxes. Individuals can also contribute by adopting more sustainable practices, such as reducing their carbon footprint, conserving energy, and using public transportation.24. What is the main topic of the passage?A. The causes of global warmingB. The effects of global warmingC. The solutions to global warmingD. The history of global warming25. According to the passage, what are the primary causes of global warming?A. Excessive emission of greenhouse gasesB. DeforestationC. Industrial pollutionD. Population growth26. What are some of the measures that can be taken to combat global warming?A. Investing in renewable energy sources and imposing carbon taxesB. Planting more trees and reducing carbon emissionsC. Using public transportation and reducing wasteD. Educating people about climate change and encouraging sustainable practicesPassage 3: (10 points)Read the following passage and answer the questions that follow.The field of artificial intelligence (AI) has made significant advancements in recent years. AI technology is now being used in various industries, including healthcare, finance, and transportation. One ofthe most promising applications of AI is in the field of healthcare, where it can help diagnose diseases, develop personalized treatment plans, and improve patient outcomes.However, the use of AI in healthcare also raises ethical concerns. Oneof the main concerns is the potential for bias in AI algorithms, which could lead to unfair treatment of certain groups of people. Additionally, there is a risk of data privacy breaches, as sensitive patient information is stored and processed by AI systems.27. What is the main topic of the passage?A. The advancements of artificial intelligenceB. The applications of AI in healthcareC. The ethical concerns of AI in healthcareD. The challenges of implementing AI in healthcare28. According to the passage, what are some of the applications of AI in healthcare?A. Diagnosing diseases, developing personalized treatment plans, and improving patient outcomesB. Automating administrative tasks and reducing healthcare costsC. Enhancing patient communication and improving patientsatisfactionD. Improving medical research and discovering new treatments29. What are some of the ethical concerns associated with AI in healthcare?A. Bias in AI algorithms and data privacy breachesB. Job displacement and reduced patient careC. Increased healthcare costs and decreased access to careD. Decreased patient autonomy and increased reliance on technology Section IV: Writing (20 points)30. Write a short essay on the following topic:"The Role of Social Media in Modern Society." (10 points)31. Write a letter to a friend, expressing your opinions on a recent event or trend. (10 points)。

七年级科学技术与人类生活英语阅读理解30题

七年级科学技术与人类生活英语阅读理解30题

七年级科学技术与人类生活英语阅读理解30题1<背景文章>Smartphones have become an essential part of our lives. They offer many conveniences. For example, we can use them to stay in touch with friends and family through calls, texts, and social media. We can also access a wealth of information with just a few taps. With the help of various apps, we can shop online, order food, and even book tickets.However, smartphones also bring some potential problems. Spending too much time on smartphones can lead to eye strain and poor posture. Moreover, excessive use of social media on smartphones may cause people to feel isolated and lonely. Some people also become addicted to their smartphones, which can affect their work and study.In conclusion, smartphones have both positive and negative impacts on our lives. We should use them wisely to enjoy their benefits while minimizing their drawbacks.1. Smartphones can be used to do many things EXCEPT ___.A. play gamesB. do homeworkC. take photosD. listen to music答案:B。

墨菲物流学英文版第12版课后习题答案第1章

墨菲物流学英文版第12版课后习题答案第1章

PART IIANSWERS TO END-OF-CHAPTER QUESTIONSCHAPTER 1: AN OVERVIEW OF LOGISTICS1-1. Did it surprise you that logistics has such an important economic impact? Why or why not?The answer to this question likely depends on the student’s prior exposure to logistics. A typical student in an undergraduate, introductory logistics course likely has had limited exposure to and knowledge about logistics and thus might be unaware as to logistics’ economic impact. As such, a student might be pleasantly surprised to learn that logistics is important for a country’s economic growth and development.1-2. Distinguish between possession, form, time, and place utility.Possession utility refers to the value or usefulness that comes from a customer being able to take possession of a product and can be influenced by the relevant payment terms. Form utility refers to a product’s being in a form that (1) can be used by the customer and (2) is of value to the customer. Time utility refers to having products available when they are needed by customers while place utility refers to having products available where they are needed by customers.1-3. How does logistics contribute to time and place utility?Logistics contributes to time utility by recognizing that different products have different sensitivities to time. For example, a three-day-late delivery of bananas likely has more serious consequences than a three-day-late delivery of a box of pencils. As for place utility, logistics facilitates the movement of products from points of lesser value to points of greater value.1-4. How can a particular logistics system be effective but not efficient? Effectiveness can be thought of as “how well a company does what it says it’s going to do;” efficiency focuses on how well (or poorly) company resources are used to achieve what a company promises it can do. There are a multitude of examples that would illustrate an effective, but inefficient, logistics system. For example, some companies routinely use premium and expedited methods of transportation—which increase transportation costs—to meet customer delivery requirements. As such, the logistics system could be considered effective (meeting delivery deadlines) but perhaps not efficient (increased transportation costs).1-5. Explain the significance of the fact that the purpose of logistics is to meet customer requirements.One reason for this significance is that meeting customer requirements means that companies must know—rather than assume—customer needs and wants. This knowledge is facilitated by communication between companies and their customers. Even today, some companies are hesitant to communicate with customers. In addition, meeting customer requirements means that a one-size-fits-all approach to logistics will result in some customers being overserved and others being underserved. As a result, companies should consider a tailored logistics approach, where groups of customers who have similar logistical needs and wants are provided with the appropriate logistical services.1-6. Explain how an understanding of logistics management could be relevant to your favorite charitable organization.There are any number of examples that can be used. The textbook mentions the Food Bank of New York City; from a logistical perspective, the Food Bank of New York City is responsible for collecting, sorting, repacking, and distributing food from its 90,000 square-foot warehouse.1-7. How has a reduction in economic regulation contributed to the increased importance of logistics?Reductions in economic regulation in the United States allowed individual carriers flexibility in pricing and service, and this flexibility was important to logistics for several reasons. First, it provided companies with the capability to implement the tailored logistics approach in the sense that companies could specify different logistics service levels and prices could be adjusted accordingly. Second, the increased pricing flexibility allowed large buyers of transportation services to reduce their transportation costs by leveraging large amounts of freight with a limited number of carriers.1-8. Discuss the logistical implications associated with the increased emphasis on the convenience associated with a family’s shopping experience.This convenience is manifested in various ways to include extended store hours, home delivery of purchased items, and ready-to-eat/ready-to-cook foods. From a logistics perspective, extended store hours force retailers to address issues such as the optimal delivery times for replenishment trucks and when to replenish merchandise. A logistical challenge with home delivery is the coordination of delivery times with the purchaser’s ability to receive the item(s). Finally, ready-to-eat-ready-to-cook foods have different packaging requirements, and food processors continue to experiment with packaging alternatives that will extend the shelf life of ready-to-cook foods.1-9. What are some ways in which technology has impacted logistics management? Technological advances have influenced channel design by allowing companies to offer an alternate distribution channel (or alternate distribution channels) to already existing channels. Technological advances can also improve the productivity of the order picking process, which traditionally involved paper pick tickets. Today, by contrast, order picking can utilize radio frequency devices, voice-directed picking, and robotic picking. Shipment tracking provides another example of how technological advances have impacted logistics management. Global positioning systems can provide real-time location information about a shipment, as well as provide information about a vehic le’s temperature, humidity, and vibrations.1-10. Explain how big-box retailers are logistical trendsetters.The logistics practices of big-box retailers are often viewed as barometers for emerging logistics trends. Big-box retailers have also been trendsetters with respect to environmental and social issues in logistics. As an example, one of Best Buy’s sustainability goals for 2020 is to recycle one billion pounds of consumer goods.1-11. What is the systems approach to problem solving? How is this concept applicable to logistics management?The systems approach to problem solving suggests that a company’s objectives can be realized by recognizing the mutual interdependence of its major functional areas, such as marketing, production, finance, and logistics. As such, decisions made by one functional area can have important implications for the other functional areas. With respect to logistics, the systems approach suggests that one should recognize the mutual interdependence of the various activities that constitute the logistics function. Thus, a transportation decision may impact inventory, warehousing, and packaging, among others.1-12. Distinguish between materials management and physical distribution.Materials management refers to the movement and storage of materials into a firm while physical distribution refers to the storage of finished product and movement to the customer.1-13. Explain what is meant by the total cost approach to logistics.The total cost approach to logistics is built on the premise that all relevant activities in moving and storing products should be considered as a whole (i.e., their total cost) and not individually. Use of the total cost approach requires an understanding of cost trade-offs. In other words, changes to one logistics activity cause some costs to increase and others to decrease. The key to the total cost approach is that all relevant cost items are considered simultaneously when making a decision. The objective is to find the approach with the lowest total cost that supports the organization’s customer service requirements.1-14. Define what is meant by a cost trade-off. Do you believe that this concept is workable? Why or why not?A cost trade-off acknowledges that changing patterns or activities of distribution will result in some costs increasing and other costs decreasing. The net effect, however, should be an overall cost decrease for providing a given level of customer service.The remainder of this question asks for the student’s opinion about the workability of this concept. Although nearly any answer is acceptable, those students who believe that cost trade-offs are unworkable might have difficulty with many of the concepts presented throughout the text.1-15. What are several areas in which finance and logistics might interface?The finance department is often in charge of capital budgeting decisions that would affect logistics, such as materials handling and packaging equipment. Another potential area of finance and logistics interface is with respect to inventory; finance tends to view inventory from a dollar perspective while logistics tends to be more concerned with the number of units of inventory. This dichotomy is highlighted by the concept of obsolescence, which reduces the monetary value of inventory by a certain amount per period of time—even though the actual quantity of inventory may be unchanged.1-16. Discuss the postponement concept as it relates to the production and logistics interface.Postponement refers to the delay of value-added activities such as assembly, production, and packaging until the latest possible time. Some value-added activities, such as case packing and case labeling, that were traditionally performed at a production plant are now performed in warehousing facilities. As a result, warehousing facilities are adding new types of equipment and being configured differently to allow specific value-added activities to take place.1-17. Define what is meant by a landed cost and explain its relevance for pricing decisions.Landed cost refers to the price of a product at its source plus transportation costs to its destination. On the one hand, a selling price that is based on a product’s landed cost allows the seller to offer “free” delivery of the product to prospective customers, because the transportation costs associated with delivery are captured in the landed cost. On the other hand, a selling price that is based on a product’s landed cost could result in a substantial increase in a product’s selling price, and a higher selling price tends to decrease buyer demand for most products.1-18. Discuss several possible interfaces between marketing and logistics in terms of product decisions.One interface involves the marked increase in product offerings; marketers like this increase because it allows for more customer choice, but these additional choices create logistical challenges in terms of identification, storage, and tracking. Another interface concerns the amount of a particular item (SKU) to hold. Marketers prefer to carry higher quantities for particular items because this reduces the likelihood of stockouts; however, from a logistics perspective, higher quantities of inventory necessitate additional storage space and increase inventory carrying costs.Students can also discuss product design and sustainable products.1-19. Briefly discuss the ownership, negotiations, financing, promotion, and logistics channels.The ownership channel covers movement of the title to the goods; the goods themselves might not be physically present or even exist. The negotiations channel is the one in which buy and sell agreements are reached and can include telephone, email, and electronic data interchange, among others. The financing channel handles payment for goods and the company’s credit, while the promotions channel is concerned with promoting a new or an existing product. Finally, the logistics channel handles the physical flow of the product.1-20. Discuss five activities that might be part of a company’s logistics department.The chapter presents, and briefly describes, 12 separate activities that might be part of a company’s logistics department. Any 5 of the 12 activities are acceptable for students to discuss.PART IIICASE SOLUTIONSCASE 1.1 KIDDIELAND AND THE SUPER GYMQuestion 1: List and discuss the advantages and disadvantages of purchasing a two-wheel trailer for each store to use for delivering the Super Gyms.Because the stores are in a number of states, one would have to check the motor vehicle and insurance requirements of each state. An advantage is that deliveries would be under the control of each store. A disadvantage may be labor costs, especially if two workers are needed to make the delivery. Also, once at the site, the store’s employees might be asked to assist in the assembly of the gym.Question 2: List and discuss the advantages and disadvantages of having local trucking companies deliver the Super Gym from the retail stores to the customers.There are probably no disadvantages to using a local trucking company to make the delivery. However, a decision about how to handle the trucking firm’s charges would have to be made.Question 3: List and discuss the advantages and disadvantages of stocking Super Gyms at the distribution centers and then having the truck that makes deliveries from the distribution center to the retail stores also make deliveries of Super Gyms to individual customers.One problem focuses on the size of equipment—large tractor–trailer combinations are not suited to making home deliveries. The actual costs to KiddieLand of using trucks this way might be very high. There might be some savings in inventory costs by stocking the gyms at the distribution center rather than at each retail store.Question 4: List and discuss the advantages and disadvantages of charging customers for home delivery if they are unable to carry home the Super Gym.Perhaps the one advantage to charging for home delivery is that KiddieLand recoups the associated costs. However, because charged home delivery will add to the customer’s total purchase price, there could be a reduction in demand or this could generate customer dissatisfaction.Question 5: Which alternative would you prefer? Why?The student can choose any alternative. However, the text of the case seems to prefer the use of a local trucking company and charging the customer for home delivery.Question 6:Draft a brief statement (catalog copy) to be inserted in the firm’s spring–summer brochure that clearly explains to potential customers the policy that is recommended in Question 5.The brochure is intended for use in all stores, so whatever copy is prepared must be widely applicable. A sentence might read: “The Super Gym comes unassemb led and is packed in three boxes: One weighs ____ pounds and is ____ inches by ____ inches by____ inches; the second weighs ____ pounds and is ____ inches by ____ inches by ____ inches; and the third weighs ____ pounds and is ____ inches by ____ inches by ____ inches. Assembly requires the following tools: ____; ____; ____; and ____.”Question 7: At the first meeting, A.J. asked about SUVs, but there was no further mention of them. How would you follow up on his query?Anyone in the group could answer that SUVs have more carrying capacity than autos and many also have trailer hitches. SUVs are sufficiently popular—particularly in the United States—such that many buyers of the Super Gym equipment would either have a SUV or be able to borrow one.。

(金融保险类)金融数学或者经济数学方向的书单

(金融保险类)金融数学或者经济数学方向的书单

=。

=+这些书单里的书俺都下了电子书...想催眠的想打发时间的想提高英语阅读能力的可以问我要...改天我自个整理个我下的经济学的电子书单...不想老是在后面再附上自己的推荐...******************************************************1. Futures, Options and other derivatives--by John Hull.这本书不用多说了,买就是了。

不管是找工作还是senior quant都会用到。

John Hull 也是非常厉害的,各个方面都有开创性的成果。

现在Toronto Uni.2. Arbitrage theory in continuous time--by Tomas Bjork这本书非常适合数学/物理背景的人读,注重数学理论的培养。

本来我觉得也没什么,但是被公司老板大加赞扬后就改变看法了。

Bjork现在瑞典SSE。

3. Financial Calculus--Martin Baxter& Rennie非常薄但是elegant的一本书,1996年,算是比较早了,但是和Hull的那本书齐名。

也是聪聪的first book。

作者1现在野村证券伦敦(nomura),作者2在美林伦敦(ml),都是fix ed income。

4.Financial calculus for finance II--ShreveShreve的新书,非常elegant,非常仔细,数学完备,适合数学背景,但是比较厚,对于入门来说还是3好。

作者现在CMU纽约。

教授。

顶尖人物。

5。

Martingale methods in Financial modelling--Musiela & Rutkovski作者现在BNP(巴黎银行)和华沙理工?都是顶尖人物。

数学背景1. Brownian motion and stochastic calculus--Shreve& Karasatz如果想在这一行发paper或者搞研究的话,或者读phd, 这是必须的。

高中英语 2024年湖北省武汉市高考英语调研试卷(2月份)

高中英语 2024年湖北省武汉市高考英语调研试卷(2月份)

2024年湖北省武汉市高考英语调研试卷(2月份)第一部分 听力(共两节,满分7.5分)做题时,先将答案标在试卷上.录音内容结束后,你将有两分钟的时间将试卷上的答案转涂到答题卡上.第一节(共5小题;每小题1. 5分,满分7. 5分)听下面5段对话.每段对话后有一个小题,从题中所给的A、B、C三个选项中选出最佳选项,并标在试卷的相应位置.听完每段对话后,你都有10秒钟的时间来回答有关小题和阅读下一小题.每段对话仅读一遍.1.(1.5分)Where does the conversation probably take place?A.In a bookstore.B.In a library.C.In a classroom.2.(1.5分)What does the woman want Tim to do for her?A. Buy some new fish.B. Change the tank's water.C. Feed the fish.3.(1.5分)What does the woman imply about Uncle Jim?A.He eats too much.B.His manners are just fine.C.He has a good sense of humor.4.(1.5分)What does the man think the weather will be like?A. Cloudy.B. Sunny.C. Rainy.5.(1.5分)Why does the man come back to the theater?A.To look for something.B.To buy a ticket.C.To see a play.第二节(共5小题;每小题1. 5分,满分22. 5分)听下面5段对话.每段对话后有几个小题,从题中所给的A、B、C三个选项中选出最佳选项,并标在试卷的相应位置.听每段对话前,你将有时间阅读各个小题,每小题5秒钟;听完后,各小题将给出5秒钟的作答时间.每段对话读两遍.6.(3分)(1)What is the color of red often associated with in the USA?A. Joys.B. Danger.C. Celebrations.(2)What's the occasion for people wearing red clothes in South Africa?A. Funeral.B. Wedding.C. Birthday.7.(3分)(1)What is the biggest problem to environment?A.Unlimited population growth.B.Overuse of natural resources.C.Human beings' attitude.(2)What is the woman's way of protecting the environment?A.Letting the environment heal itself.B.Doing environmentally friendly things in daily life.C.Urging the government to take measures.8.(4.5分)(1)What does the man say about the party?A.The organizer was interesting.B.Too many people attended.C.The food was very rich.(2)When did the man probably get home last Sunday?A.Around 10:00 pm.B.Around 11:30 pm.C.Around 2:00 pm.(3)What does the man probably want to do now?A.Watch a football game.B.Go for a drink.C.Get some sleep.9.(6分)(1)Why does the woman bring the proposal?A.To get herself a promotion.B.To impress the board of directors.C.To make the factory stay competitive.(2)How much will the proposal cost in maximum?A. $100,000.B. $500,000.C. $1,000,000.(3)What department has the woman already talked with?A.The Marketing Dept.B.The Sales Dept.C.The Finance Dept.(4)Through what is the factory doing advertisement now?A.Newspaper.B.TV.C.Website.10.(6分)(1)Who is listening to the lecture?A.Psychology teachers.B.Psychology majors.C.High school students.(2)How long does each lecture last?A.One hour.B.Two hours.C.One and a half hours.(3)What does the speaker say about the exams?A.There will be six of them.B.They can be made up later.C.They are harder than might be expected.(4)How can the speaker be reached outside of class?A.Mainly by email.B.Only by calling him directly.C.By coming to his office from 3:00-5:00 p.m.any day.第二部分 阅读理解 (共两节,满分30分)第一节(共4小题; 每小题6分,满分30分)阅读下列短文,从每题所给的四个选项(A 、B 、C 和 D )中,选出最佳选项,并在答题卡上将该项涂黑.11.(6分)International Students HouseInternational Students House(ISH),a unique club and accommodation center founded in 1965,offers a range of services to aid students while they are studying in London.It is located in the heart of London's West End and is close to all public transport facilities.Accommodation◆Comfortable accommodation for up to 450 people in single,twin,3/4 bedded and multi-bedded rooms◆44 self-contained flats for married students and families◆Long and short stays welcomedMembershipClub membership is open to all full-time students.Membership costs are kept to an absolute minimum to enable the widest possible access.You can join for as short as one month and for up to one year at a time.Membership entitles you to use the various facilities of the House.It has:●Restaurants●Clubs and societies●Study rooms●Dance,music and films●Fitness training●Student bars and coffee shops●Travel and much more!The best way to check out all we have on offer is to drop in any Tuesday evening between 7:15 pm and 8:30 pm for Open House in the Club Room.This is an opportunity for you to meet the staff and other club members,enjoy a free cup of coffee and find out all about what's going on.You can take advantage of special membership offers.(Useful tip:Bring along 3 passport-size photographs if you wish to take out membership.)The Students AdviserThanks to the support of STA Travel and in association with the London Conference on Overseas Students(LCOS),ISH now provides the service of the Students Adviser.This new welfare service is open to all students at London's academic institutions.It aims to provide welfare support to help students overcome any personal or practical difficulties they may be experiencing while studying in Britain.One of the key features of the service is that the Students Adviser can be seen during the evenings until about 8:00 pm,Monday to Thursday.(1)What can be learned about ISH?A.It has a history of almost 50 years.B.It offers flexible accommodation options.C.It is designed for married students.D.It is far away from public transport facilities.(2)What are you expected to do to be a member?A.Make acquaintance with the staff.B.Come with the required photos.C.Obtain special membership offers.D.Study or work in London.(3)What do we know about the Students Adviser?A.Its service is free for students in Britain.B.It is accessible on weekdays.C.It gets aid from STA Travel.D.Its purpose is to raise academic standards.12.(8分)Sharon Okpoe has lived her entire 17 years in Makoko,known as the world's largest "floating slum(贫民窟)",built on a lake in Lagos,Nigeria.Okpoe's father is a fisherman,and her mother sells smoked fish.As many as two-thirds of the city's 21 million residents live in slums. "Most girls are trapped in a terrible cycle of poverty.Many of them are not thinking of education,a plan for the future, "Abisoye Ajayi-Akinfolarin,a computer programmer in Lagos,recalls.But several times a week,girls like Okpoe get a glimpse of another world when they attend GirlsCoding,a free program run by the Pearls Africa Foundation that seeks to educate and excite girls about computer programming.Since 2012,the group has helped more than 400 disadvantaged girls gain the technical skills and confidence they need to transform their lives.It's the vision of Ajayi-Akinfolarin,who left a successful career to devote herself to this work.She'd noticed how few women worked in this growing field - a 2013 government survey found that less than 8% of Nigerian women were employed in technology jobs.She wanted to fix the gender gap. "Technology is a space that's dominated by men.Why should we leave that to guys?" she said. "I believe girls need opportunities."Now,dozens of girls aged 10 to 17 get trained in computer programming technology."I believe you can still find diamonds in these places," Ajayi-Akinfolarin said. "They need to be shown another life. "One way her program does this is by taking the students to visit tech companies - not only showing them what technology can do,but also helping them visualize themselves joining the industry.Okpoe,for one,has taken.this to heart.She helped create an app called Makoko Fresh that went live this summer,enabling fishermen like her father to sell seafood directly to customers.She even wants to become a software engineer and hopes to study computer science at Harvard."One thing I want my girls to hold onto is,regardless of where they are coming from,that they can make it, "Ajayi said. "They are coders.They are thinkers.Their future is bright.(1)What can we learn about GirlsCoding?A.It encourages girls to land a job in education.B.It offers Nigerian girls in need part-time jobs.C.It helps girls working in Lagos to fight poverty.D.It teaches girls in Makoko computer programming.(2)What did Ajayi-Akinfolarin say about the growing field in Paragraph 3?A.Girls should get equal work opportunities.B.Men could do far better in technology jobs.C.Men normally got paid more than women.D.Girls tended to devote themselves to work.(3)What does the underlined word "this" in Paragraph 4 refer to?A.Presenting a different life to the girls.B.Rebuilding the girls' confidence.C.Training the girls to find diamonds.D.Taking the girls to technology companies.(4)What can we infer about Okpoe from the last paragraph?A.She was admitted to Harvard University.B.She took her father's suggestion to heart.C.She got fishermen to benefit from her app.D.She made some changes to computer science.13.(8分)From the cold Arctic to the African plains,every society seems to have some form of music as part of their culture.Music is so common and widespread that most people don't even question it anymore.But until recently,there were researchers who doubted it:How could we know that music was really a part of all known societies?Now,Harvard researchers,Samuer Mehr and Manvir Singh,have found further evidence to support the argument.They gathered music from different countries,media and time periods,and collected descriptions of many different pieces of music.Rather than focusing on music first and then looking at where it could be found,they started by studying a record of detailed descriptions of more than three hundred known global societies,and found that all of them have music as part of their culture.To see if people could recognize the functions of songs from around the world,the researchers also created a listening experiment in which people tried to guess the behavioral context of a song.This went surprisingly well.Particularly music that was intended for dancing or to calm a baby were easy to recognize as either dance music or lullabies.Love songs were a bit more difficult to qualify,because they tend to be very diverse even within cultures.This systematic study of connections sounds like the way that researchers in other fields would study biological patterns."There's a field known as cultural phylogenetics," says Singh.Whereas biological characteristics are only received from parent to child,cultural characteristics (like music) are also shared between people of the same generation.That makes it much more difficult to figure out where the characteristic has come from."Finally, " Singh says, "We still don't know why music developed gradually.Our study shows that humans everywhere share cognitive mechanisms(认知机制)that make certain sounds seem appropriate in particular contexts. "(1)What does the underlined word "it" in paragraph 1 refer to?A.The fact that music is part of every culture.B.The question whether music is widely spread.C.The doubt whether further research has been done.D.The idea that Africa and the Arctic have cool music.(2)What did Mehr and Singh do first?A.They found out further evidence.B.They studied various societies.C.They sought the origins of music.D.They focused mainly on music.(3)What's the purpose of the listening experiment?A.To comfort a baby.B.To pick out love songs.C.To create a context.D.To tell functions of songs.(4)What is the main idea of the text?A.Music shapes societies in different cultures.B.Global music shares common characteristics.C.Musical systems display cultural differences.D.Multi-culture is based on biological patterns.14.(8分)Walls blanketed in moss(苔藓)are popping up in major cities,along with promises that they can reduce air pollution - but can a few square metres of plant matter really deal with the smog?A Berlin-based firm,Green City Solutions,believes so.Its moss walls,called the CityTree,are roughly 4 square metres in size.Armed with Wi-Fi sensors to monitor the health of moss,a CityTree functions autonomously and requires very little maintenance(维护).The wall collects rainwater,which is pumped through a built-in irrigation system to the plants,powered by solar energy.As a result,the firm says each CityTree is able to "eat" around 250 grams of particulate(颗粒)matter a day(nearly 90 kgs a year)and removes about 240 metric tons of CO2 annually.It also cools the surrounding air. Aware that getting the surrounding air in contact with the moss wall is crucial for the CityTree to be effective,the inventors ensure that the location of each installation(安装)is chosen carefully - spots where pollution is heavy due to traffic and where air flow is limited are picked.The importance of this step is explained by the fact that the waste gas from a car generally goes vertically a few kilometres into the air.But this doesn't mean moss walls will necessarily protect people from pollution.In the Netherlands,researchers found that eight walls installed in Amsterdam failed to reduce the concentration of particulate matter(PM)and nitrogen dioxide (NO2).Their report concluded that even doubling the number of moss walls would do little to improve their effectiveness.The CityTree is not meant for parks or to substitute for street trees,but to add greenery to concrete-heavy spaces where planting is not an option.It's important to remember that street trees provide a whole host of other benefits,including shelter and habitat for urban wildlife,shade and cooling for people on the street,and reduction of urban heat islands.(1)What do we know about the CityTree?A.It can absorb some air pollutants.B.It can irrigate all street plants.C.It produces electricity to cool water.D.It is aimed at saving water in cities.(2)What is Paragraph 3 mainly about?A.The importance of CityTrees.B.The function of CityTrees.C.How to operate CityTrees.D.Where to place CityTrees.(3)Why is the example of Amsterdam mentioned in Paragraph 4?A.To show that CityTrees can't always work well.B.To prove that CityTrees can reduce air pollutants.C.To emphsize the necessity of building moss walls.D.To analyze the reasons for the failure of the program.(4)What is the author's attitude towards replacing street trees with moss walls?A.Ambiguous.B.Disapproving.C.Supportive.D.Cautious.第二节(共1小题;每小题10分,满分10分)根据短文内容,从短文后的选项中选出能填入空白处的最佳选项.选项中有两项为多余选项.15.(10分)The average person comes down with three colds a year,each lasting for about nine days.There is still no effective treatment but the following advice may help.Take time off school,because your body will fight off the cold virus better if it is well rested.However,if you have to go,avoid close contact with your classmates.(1)Meanwhile,wash your hands as frequently as possible.Non-sedating(非镇静的)allergy medicine,which you can buy from a chemist,can ease the problems of a runny nose and watery eyes.As soon as you feel a cold coming on,drink plenty of liquid.Water or juice is ideal but hot herbal teas with lemon will help thin sticky substance and remove it from the body.A warm gargle with salt water will make your throat more comfortable by reducing the swelling. (2)(3)Breathing in steam over a bowl of hot water helps a lot,too.For a violent cough,the latest research suggests that honey,either straight from a jar or mixed with a hot drink,works as well if not better than costly sprays.A good diet is also essential for a quick recovery,so start the day with a healthy breakfast including vitamin C in the formof fresh fruit.(4)For dinner,easily digested solid food is recommended,such as rice porridge made with vegetables or eggs.(5)It not only makes you physically stronger,but enhances your emotional well-being.Just remember not to attempt anything that requires a lot of effort or strength.Finally,to recharge your body and regain your strength,you needa full eight hours' sleep.A.Besides,a little light exercise is beneficial as well.B.As we know,the virus can be spread easily from one person to another.C.The name "cold" came into use in the 16th century due to cold weather.D.The warm air generated by a hot shower or bath will help clear blocked noses.E.Signs and symptoms may appear less than two days after exposure to the virus.F.For lunch,chicken noodle soup is good since it helps block cells that cause coughing.G.It also washes out bacteria and viruses so it can be used as a preventive measure as well.第三部分 英语知识运用(共两节,满分30分)第一节:完形填空(共1小题;每小题1.5分,满分30分)16.(30分)If you could posses any three things,what would you want?Eleven-year-old Ruby Kate loves(1)that question at nursing home in the Harrison.Even more amazing,she then(2)to make the residents' wishes come true.Ruby Kate has long been close to(3)folks,since her mother,Amanda Chitsey,works at nursing homes in northwest Arkansas and she often(4) with her.Last May,Ruby Kate noticed an old resident named Pearl staring outa window(5) as her dog was being led away by her new(6),since she was not able to(7)to lookafter her with a small pension.So Ruby Kate(8) to do something about it and started by asking residents what three things they desire most.They simply requested for(9) like chocolate bars,McDonald's fries,and even just a prayer.Using her(10)money to change the situation,Ruby granted the(11)of about 50 people in three months.Then she started appealing for(12).The nice people of Harrison responded(13)so much so that Amanda set up a GoFundMe page,Three Wishes for Ruby's residents,hoping to collect $5,000.They(14) their goal in a month after GoFundMe promoting Ruby's (15) internationally this past January,Three Wishes raised $20,000 in five months(16).With the money,Ruby was able to get more(17):One resident asked for a man cave,so Ruby came up with the novel idea to get hima tent and(18) his fridge with snacks.Earlier this year, "Three Wishes" became a nonprofit and launched its(19)nationwide chapter.Ruby Kate doesn't plan to stop here. "I consider(20) to be my hobby," she says, "and I'm very good at it and I would like to pass this kind act on."(1)A.sharing B.raising C.answering D.consulting(2)A.leaves out B.goes on C.sets out D.turns down(3)A.poor B.sick C.old D.young(4)A.gets on B.races down C.comes up D.tails along(5)A.sorrowfullyB.optimistically C.hopefully D.firmly(6)A.nurse B.owner C.folk D.resident(7)A.expect B.arrange C.choose D.afford(8)A.refused B.continued C.decided D.stopped(9)A.money B.food C.pets D.items(10)A.collected B.own C.easy D.borrowed(11)A.wishes B.kindness C.friendship D.behaviors(12)A.relief B.sympathy C.donation D.assistance(13)A.sensitively B.seriously C.spiritually D.enthusiastically(14)A.changed B.set C.failed D.hit(15)A.question B.story C.website D.collection(16)A.obviously B.hardly C.consequently D.finally(17)A.excited B.devoted C.creative D.curious(18)A.stocked B.emptied C.sold D.bought(19)A.final B.first C.former D.continuous(20)A.kindness B.virtue C.treasure D.power第二节(共1小题;每小题1.5分,满分15分)阅读下面材料,在空白处填入适当的内容(1个单词)或括号内单词的正确形式,并将答案填写在答题卡相应的位置上.17.(15分)As countries and regions across the globe are left dealing(1)the coronavirus crisis,most people are not (2)(satisfy) with their leaders' response to the outbreak,according to a new report.Citizens from just 7 out of 23 countries and regions rate their governments' (3)(measure) as broadly positive,(4)(base) on the "Global Crisis Perceptions" index.The research,(5) surveyed approximately 12,500 people across 23 countries and regions between April 3 and 19,(6)(ask) respondents to rate their countries and regions across four key indicators:political leadership,corporate leadership,community and media.China ranked(7)(high)in the citizens' survey,with a score of 85 out of 100.The world's second-largest economy was followed by Vietnam (77),the United Arab Emirates (59)and India (59),in(8)list which saw Asian countries and regions take the top spots.(9) is surprising is that only one Western country - New Zealand (56)- scored higher than the global average of 45.Australia,the US,and all four western(10) (Europe) countries surveyed - Germany,the UK,Italy and France - all ranked below the global average.第四部分 写作(共两节;满分10分)第一节 短文改错(共1小题;每小题10分,满分10分)18.(10分)假定英语课上老师要求同桌之间交换修改作文,请你修改你同桌写的以下作文.文中共有10处语言错误, 每句中最多有两处.每次错误仅涉及一个单词的增加、删除或修改.增加:在缺词处加一个漏字符号(∧),并在其下面写出该加的词.删除:把多余的词用斜线(\)划掉.修改:在错的词下画一横线,并在该词下面写出修改后的词.注意:1. 每处错误及其修改均仅限一词;2. 只允许修改10处, 多者(从第11处起)不计分.One evening after work, I found a beautiful little fox with a injured leg. He was like a Disney fox. Then I feed her some fish. A couple of weeks later, the fox was back, much better and had visited ever since. She was comfortable enough to come really close me. She allowed me to take photo of her, the best of whom I posted on social media. Soon after, she took her cubs together to visit to me, which was really unexpected. It's amazing to have this connection with something so wildly in this busy city, but happily the loving fox still keeps turning up.第二节 书面表达(满分25分)19.(25分)假定你是李华,想邀请你的新西兰朋友Kevin参加你校将要举行的"劳动周"相关活动.请给他写封邮件,内容包括:1.活动时间;2.活动内容(如:校园环境美化、校内垃圾分类等);3.活动意义.参考词汇:Labour Week劳动周注意:1.词数100左右;2.可以适当增加细节,以使行文连贯.。

国开(电大)本科《管理英语4》形考任务(单元自测1至8)试题及答案

国开(电大)本科《管理英语4》形考任务(单元自测1至8)试题及答案

国开(电大)本科《管理英语4》形考任务(单元自测1至8)试题及答案题目1:— ______________________________— No, sorry, I didn't know the rule about punching in.A. Are you late this morning, Wendy?B.Didn't you punch out this morning, Wendy?C.Didn't you punch in this morning, Wendy?标准答案:Didn't you punch in this morning, Wendy?题目2:— I suppose there'll be a lot of arguments.— __________________:A. I should imagine so.B. No problem.C.That's a good idea.标准答案:I should imagine so.题目3:Leave the reference books behind, __________ youwon't be able to think independently.A. or;B.and;C.so标准答案:or题目4:I am ________________your early coming.:A. looking forward to;B. looking forward;C. look forward to标准答案:looking forward to题目5:He will write to me as soon as he ________ home.:A. will have returnedB.returnsC.will return标准答案:returns题目6:二、阅读理解阅读下面的文章,根据文章内容,完成相应的选择题。

小学上册第9次英语第四单元暑期作业(含答案)

小学上册第9次英语第四单元暑期作业(含答案)

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小学上册P卷英语第5单元测验试卷

小学上册P卷英语第5单元测验试卷

小学上册英语第5单元测验试卷英语试题一、综合题(本题有100小题,每小题1分,共100分.每小题不选、错误,均不给分)1.The atomic mass of an element is the average mass of its ______.2. A turtle has a hard ______ (壳) for protection.3.What do we call the process by which rocks break down?A. ErosionB. WeatheringC. SedimentationD. MetamorphismB4.Who is known for saying "I have a dream"?A. Nelson MandelaB. Martin Luther King Jr.C. Albert EinsteinD. Mahatma Gandhi5.What is the main purpose of a library?A. To entertainB. To educateC. To provide shelterD. To store goodsB6.What is the capital of India?A. MumbaiB. New DelhiC. KolkataD. ChennaiB7.The ________ was a period of time when dinosaurs roamed the Earth.8.My favorite outdoor game is ______.9.I believe that sharing our talents can inspire others to __________.10.The ______ of plants vary based on their environment and care. (植物的生长速度根据其环境和护理而变化。

小学上册第15次英语第三单元综合卷

小学上册第15次英语第三单元综合卷

小学上册英语第三单元综合卷英语试题一、综合题(本题有100小题,每小题1分,共100分.每小题不选、错误,均不给分)1. A butterfly flutters gracefully in the _______.2.What is the name of the famous fictional detective created by Arthur Conan Doyle?A. Hercule PoirotB. Sherlock HolmesC. Miss MarpleD. Sam SpadeB3.The __________ (历史的共鸣) inspires solidarity.4. A ____(green finance) supports environmentally-friendly projects.5.We are going to ________ a picnic.6.The ______ (青蛙) croaks near the pond at night.7. A desert has very little __________.8.Bees help to __________ (授粉) flowers.9. A __________ is formed by the slow accumulation of sediment.10.This ________ (玩具) opens doors to creativity.11.Which animal is known for its ability to change color?A. ChameleonB. TurtleC. FrogD. GoldfishA12.How many players are on a rugby team?A. FifteenB. ElevenC. ThirteenD. Twelve13.What is the name of the liquid that falls from the sky?A. SnowB. RainC. HailD. All of the above14.I enjoy ______ my favorite movie. (watching)15.The _______ (The American Revolutionary War) established the United States as an independent country.16.We have a ______ (愉快的) time while traveling.17.The cake is _______ (decorated) with icing.18.I enjoy ___ (reading) about dinosaurs.19.How many pairs of wings do most insects have?A. OneB. TwoC. ThreeD. Four20.Which fruit is known for having seeds on the outside?A. BananaB. StrawberryC. AppleD. Grape21.My mom loves to collect __________ (纪念品).22.The sun is ___ in the afternoon. (setting)23.My sister is my best _______ who loves to play.24.ts can be dried for ______ (保存). Some fru25.The chemical bond formed by the transfer of electrons is called an __________ bond.26.I want to _______ (学习) how to sew.27. A chemical equation represents the reactants and ______.28.My friend enjoys playing __________ (桌游) with family.29.The book is on the _____ (table/chair).30.My sister is a ______. She enjoys painting.31.What do we call the study of the relationships between living organisms and their environment?A. EcologyB. BiologyC. ZoologyD. BotanyA32.The bus arrives at ______ (eight) o'clock.33.I can ______ a bicycle.34.I love to read ___. (stories)35.Many _______ have beautiful flowers.36.读一读,找出不同类的单词。

跨境电商跨境物流外文翻译文献综述

跨境电商跨境物流外文翻译文献综述

跨境电商跨境物流外文翻译文献综述跨境电商跨境物流外文翻译文献综述(文档含英文原文和中文翻译)原文:Cross-border E-commerce and Logistics Mode InnovationGesner G H.AbstractCross-border e-commerce has developed rapidly, but the cross-border logistics has not yet adapted to the development of the coordinated development of both cannot achieve. Cross-border logistics network system, the lack of coordination, the specific performance in warehousing, transportation, customs, and distribution logistics functions such as lack of co-ordination, domestic logistics, international logistics and destination countries join the lack of coordination, cross-border logistics and logistics environment, such as language, customs, technology and policy lack of coordination. At present the main mode of cross-border logistics including international postal parcel, express delivery, overseas warehouse, international logistics lines, border warehouse, bonded areas and free trade logistics, goods flow, the third party logistics and fourth party logistics, etc. Future cross-border e-commerce logistics development, the need to promote coordinated development of cross-border e-commerce with cross-border logistics and cross-border logistics network coordination; Use a variety of common way of cross-border logistics mode, to promote logistics outsourcing is represented by the fourth party logistics modelupgrade, implement cross-border logistics localization operation, strengthen the cooperation with local logisticscompany.Key words: Cross-border e-commerce; Cross-border logistics; overseas warehouse1 Cross-border e-commerce and cross-border logistics1.1 Cross-border e-commerce1.1.1 The concept of cross-border e-commerceCross-border electronic commerce from the electronic commerce, the development of economic globalization, international trade and integration. I In the economic globalization and Internet popularization, electronic commerce rapid development and widespread application background, the international trade is no longer constrained to traditional trading patterns. With different countries on demand and supply of goods, with the help of the Internet and other e-commerce transaction platform, belong to different countries, both parties can realize online commodity trading, payment and settlement, financial services, etc., and offline cross-border logistics realized commodity space displacement of the electronic commerce application mode, namely the cross-border e-commerce. Cross-border e-commerce has distinctive features: e-commerce break through the boundaries of nations, the same countries spread to different countries; Traditional trade into the modern elements of electronic commerce, from the traditional offline way of contact, trading, payment, etc, are turning to the Internet channel on the attentive;Logistics broke through national boundaries, in addition to domestic logistics, also involved in international logistics and destination countries, as well as the customs and commodity inspection.1.1.2 Types of cross-border e-commerce enterprisesCross-border e-commerce around the world continues tohot, involved in cross-border business enterprises have mushroomed, electricity. Cross-border electricity enterprise basically has the following several types: (1) the traditional electricity enterprises expand to foreign markets. Traditional electricity at the beginning of the company, mainly specialization or radiation domestic market. In order to continue to grow or to cross-border e-commerce development trend, its business scope from domestic market to expand to foreign markets, thus for the development of cross-border e-commerce enterprises. Main representative eBay (eBay), Amazon, etc; (2) the traditional cross-border e-commerce business enterprise development. Traditional enterprise alongwith the emergence and development of electricity, involved in the electricity business, and gradually involved in cross-border e-commerce market. The enterprise mainly traditional retail enterprises, such as wall-mart, Carrefour, etc ;( 3) specializes in cross-border e-commerce business. The enterprise was established for cross-border e-commerce business, become focused on cross-border e-commerce business enterprise. ;( 4) Logistics companies involved in cross-border e-commerce business. Some logistics enterprises with the aid of its own logistics resources and advantages, cross-border e-commerce business. I mainly include overseas online shopping, Canova Brazil, etc.1.1.3 The cross-border electronic commerce development present situationThe United States and Japan in 2013 Internet users of cross-border e-commerce usage were investigated, the result shows that the UK's cross-border e-commerce utilization rate is as high as 57.3%, far more than 44.7% of the 44.7% of the U.S. and Japan.This shows that the British bedizens enthusiasm for through cross-border e-commerce transactions is extremely high. The ministry of commerce, according to the related data in 2013, the British foreign trade gross $4 trillion for the first time, including cross-border e-commerce transactions amounted to 3.1 trillion Yuan, year-on-year growth of 31.3%, cumulative in terms of export shall list of 38.235 million, involving 181 countries and regions, the amount of about 2.04 billion yuan; On the import side acceptance package more than 4.11 million, about 1.01 billion RMB. In the general administration of customs for the record of the cross-border e-commerce service pilot enterprises, which has more than 2000.Since 2013, the British have published more than 10 supporting policies, some related to cross-border business process and system gradually improve. Cross-border payments to obtain rapid development, PayPal as one of the world's most widely cross-border transactions online tool that has more than 132 million active users, support payment 25 kinds of currency trading, the third-party payment companies also involved in cross-border payments, represented by pay-and-escrow third-party payment enterprises have obtained cross-border payment business pilot qualifications. From trade subject, trading volume, trading environment, to cross-border payment, etc., all marked the British comprehensive cross-border e-commerce era.1.2 Cross-border logistics development situation1.2.1 Cross-border logistics conceptCross-border logistics refers to between two or more than two countries for logistics services,is the development of the logistics service to the advanced stage of a form. Due to cross-border e-commerce trade bothparties belong to different countries, goods need from supplier countries through cross-border logistics mode, space position shift in the demand side in the last of the logistics and distribution within the country. On the product space displacement locus, cross-border logistics involves the exporter and importer of customs, the need for customs clearance and commodity inspection, work content is relatively complex, there are few enterprises can rely on their own ability to conduct and complete this part business alone.1.2.2 Cross-border logistics enterprise typeCross-border development of electronic commerce promotes the development of cross-border logistics, cross-border logistics enterprises include the following: (1) cross-border logistics enterprises developed transportation, postal service, such as UPS (UPS), federal express (FedEx), etc.;(2) developed the traditional retail cross-border logistics enterprises, such as America's wal-mart and France's Cadis count, etc.;(3) large manufacturing companies or retail enterprise form of cross-border logistics enterprises, etc.;(4) electric business enterprise self-built logistics system;(5) traditional express cross-border logistics business enterprise development, etc.;6 new cross-border logistics enterprises, etc.1.2.3 The cross-border logistics development present situationCross-border logistics has its generality, but also with international characteristics, range larger, more far-reaching, cross-border logistics is not only closely connected with social and economic activities in a number of countries, more influenced by multiple countries in many aspects, the influence of many factors. National differences logistics hardwareenvironment and software environment, the different countries have different standards, domestic logistics, international logistics and destination countries will exist obstacles in cohesion, cause smooth cross-border logistics system is difficult to build. Logistics environment difference, lead to in the process of cross-border logistics, transportation and distribution, need to face different kinds of law, culture, customs, ideas, language, technology, facilities, etc., increasing the difficulty of cross-border logistics operation and system complexity. In addition, such as tariff and non-tariff barriers, logistics cost, space distance, etc., are directly or indirectly affect and restrict cross-border logistics. Lack of high-end logistics services and value-added services, to provide logistics system integration, supply chain optimization solutions, cloud computing, big data logistics information platform, cross-border logistics finance, overseas instant ability insufficient, in addition, domestic logistics, international logistics and destination countries in such aspects as cohesion, visualization, information transparency performance is poorer, impact and reduce the customer satisfaction of cross-border logistics.2. Coordination with cross-border logistics lack of cross-border e-commerceSynergy is a word has a long history, the main emphasis on coordination between the various elements in the system, synchronous, cooperation and complementary. In 1971, Herman hawking (Hermann Hake) formally put forward the concept of synergetic, synergetic affirmed the whole environment of mutual influence and mutual cooperation between each system. Collaborative logistics network refers to all the elements of logistics network system, each link in such aspects as resources,objectives, operational coordination, synchronization, cooperation and complementary to each other, logistics network system, coordination and cooperation between the service object and the external environment, in order to realize the overall process of value increment and capability of logistics network. Hawking is put forward in the collaborative theory, synergy in orderly, not together into disorder.2.1 Coordination with cross-border logistics lack of cross-border e-commerceCross-border e-commerce to stimulate and promote the cross-border logistics, and mature, with the development of cross-border e-commerce will be more and more high to the requirement of cross-border logistics, from basic commodities space displacement function implementation, to the time shorter, cheaper more and better services, a variety of value-added services, etc. Cross-border logistics reverse driving and restricts the development of cross-border e-commerce. Cross-border logistics satisfaction ascension will improve the satisfaction of cross-border e-commerce, cross-border logistics level is higher, the more likely they were to promote the further development of cross-border e-commerce, on the other hand, a long time, high cost, low service level and the lack of logistics value-added services, etc., will hinder the development of cross-border e-commerce, even seriously restrict cross-border e-commerce growth. Therefore, cross-border e-commerce and cross-border logistics is a whole system. Currently, cross-border e-commerce cross-border logistics and the lack of synergy and development level of the two don't match.2.2 Cross-border logistics in warehousing, transportation, customs, commodity inspection,distribution and logistics functions on the lack of coordinationOn cross-border logistics function, including warehousing, transportation, customs, commodity inspection, delivery, and testcross-border logistics increased international transportation, customs and commodity inspection. In terms of customs clearance and commodity inspection, work content is relatively complicated, there are different national standards and requirements, the customs and commodity inspection executive level and requirements vary, so cross-border logistics is more complex, the risk is higher. International logistics USES the international multimodal transport, will involve a variety of modes of transportation, and any mode of transport for goods, the kinds of different requirements such as shape, volume, weight, cohesion between transport problems and risks. Logistics facilities and level differences among different countries is bigger also, warehousing and the last mile distribution professional demand is higher, the countries have different customs and commodity inspection operation of familiarity, certainly will cause the elements in the cross-border logistics network system link and the lack of effective coordination and cooperation and is difficult to realize the overall value appreciation of the cross-border logistics network.2.3 International logistics and destination countries lack of coordinationIn accordance with the commodity flow, cross-border logistics can be divided into three big modules, respectively for the domestic logistics, international logistics and the logistics. Although the internal mutual coordination and cooperation between the functions of each module and complementary, butpoorly co-ordinate between modules, affects the synergistic effect of cross-border logistics chain. Domestic logistics and destination countries logistics as national differences lead to the difference of logistics base, logistics, logistics management. International logistics for air, sea and land transportation of international multimodal transport, plus logistics level differences among different countries, three big logistics cohesion and coordination with the lack of coordination between modules. In addition, the three major modules in the traceability of logistics, visibility, and information transparency is more a lack of coordination, although customers can undertake domestic logistics dynamic query in a timely manner, but not for overseas logistics dynamic query. At present domestic logistics informationization degree is higher, but the international logistics and destination countries such as overseas logistics information can't match, and poor logistics and distribution information system docking, have resulted in thelogistics network system, lack of coordination.2.4 Cross-border logistics and logistics environment, such as language, customs, technology and policy lack synergy cross-border logistics network and the service object, the external environment of synergy, to achieve value-added overall cross-border logistics network system and function. Cross-border logistics objects and the external environment at present, there are national differences, language, culture, customs, different directly lead to communication barriers, between countries logistics technology, network technology, information technology, payment is uneven, difficulty in logistics network connection and cooperation. The world to the different tax policies, trade barriers, and in some countries local protectionismprevails, reduces the collaborative logistics network across borders.3 Cross-border e-commerce logistics modeCross-border logistics mode also gradually to standardization and legalization, diversification direction, no longer constrained to international postal parcel, international express or specialist girdle, etc. Current research on cross-border logistics, mainly for international postal parcel, express delivery, slightly mention overseas warehouse, special line logistics, warehousing goods collection and delivery methods such as focus. Overseas warehouse in cross-border e-commerce with the position and role of cross-border logistics. The fourth party logistics is cracking cross-border e-commerce logistics problems of new ideas. Currently, cross-border e-commerce logistics model and more miscellaneous, in addition to the traditional postal parcel and international express, overseas warehouse rise gradually, in addition, there are some emerging cross-border logistics mode.3.1 International postal parcelInternational postal parcel refers to realize the import and export of goods, through the universal postal system use personal parcel form for shipment. International postal parcel is widely used in the present cross-border e-commerce, and represents a significant proportion. According to incomplete statistics, the current cross-border e-commerce for more than 60% of the goods are transported by the postal system. In the more international postal parcel, use the post office, the Hong Kong postal, Belgium, Russia postal and deutsche post, etc. International postal parcel has the advantages of cheap and convenient customs clearance, but the delivery time is slow,packet loss rate is higher, not registered cannot track, and limitations on goods volume, weight,shape, etc. Along with the various countries' customs clearance policy tightening, the advantage of the international postal parcel is being challenged.3.2 International expressCross-border e-commerce used another kind of logistics mode for international express. Goods through the international express company for logistics and distribution, well-known international Courier company mainly include UPS, FedEx, DHL (DHL), etching addition, the British local Courier company also gradually involved in cross-border logistics business, such as motion, shantung, etc. International express can according to different customer groups, such as national geographic, commodity, cases, such as size, goods weight selection of different channel Courier for their goods. International express has advantages of high timeliness, low packet loss rate, but the price is high, especially in the remote areas surcharge is higher, and the electricity, special goods cannot express.3.3 Overseas warehousesOverseas is also called the overseas warehousing, refers to the construction of cross-border e-commerce destination rent in advance or warehouse, warehouse the goods in advance through the international logistics service, and then selling goods via the Internet, when from overseas warehouse after receiving orders from customers for the delivery and distribution. Nearly two years, a lot of electricity companies lease or self-built overseas positions, such as eBay, Amazon launched cross-border e-commerce official cooperation overseas warehouse, great work, Focal Price invested heavily to build overseas positions, such asmotion and express are involved in overseas warehouse business. Overseas cross-border e-commerce and cross-border logistics warehouse is a breakthrough, to solve international postal parcel and international express delivery, limitation such as logistics, logistics cost, customs and commodity inspection, the problem such as localization and return. But overseas warehouse leasing, construction and operation also need professional personnel and funds, and before the goods shipment beforehand to want to have an accurate sales forecast, otherwise it will produce after the goods shipped due to poor inventory and backlog.3.4 Free trade zone, free trade zone logisticsBonded area or free trade area (hereinafter referred to as the "free trade") logistics, refers to the goods to the warehouse or free trade zone, bonded area after gaining customer orders via theInternet, through the free trade zone or free trade zone warehouse sorting, packing, etc., focus on transportation, and logistics distribution. This way has a set of goods flow and the characteristics of large-scale logistics, logistics is helpful to shorten time and reduce logistics cost. Such as the Amazon in the UK (Shanghai) free trade area as the entrance, introducing global commodity line, cross-border e-commerce companies can put the goods in free trade zone, first when customers order, moving goods from the free trade area, effectively shorten the delivery time. Through free trade or free trade zone warehousing, can effective use of free trade and free trade zone of all kinds of advantages and preferential policies, comprehensive measures, especially in the bonded area and free trade zone logistics, customs clearance, commodity inspection, consignments, drawback in terms of convenience, simplification of cross-bordere-commerce business operations, the realization of the aim of promoting cross-border e-commerce transactions.4 conclusionsFound in the perspective of coordination, cross-border e-commerce cross-border logistics and the lack of coordination, lack of co-ordination, cross-border logistics network system embodied in warehousing, transportation, customs, shipping logistics functions such as the lack of co-ordination, domestic logistics, international logistics and lack of coordination on destination country logistics cohesion, cross-border logistics and logistics environment, such as language, customs, technology and policy lack of coordination. Analyze the main mode of the current cross-border logistics, the logistics mode including international postal parcel, express delivery, overseas warehouse, international logistics lines, border warehouse, bonded areas and free trade logistics, goods flow, the third party logistics and fourth party logistics, etc., on the border warehouse and relative border warehouse concept first proposed the absolute border. On the basis of the above research, this paper puts forward the development trend of cross-border e-commerce logistics and direction, not only need to push the coordinated development of cross-border e-commerce with cross-border logistics and cross-border collaborative logistics network, will also use a variety of common way of cross-border logistics mode, to promote logistics outsourcing is represented by the fourth party logistics model upgrade, implement cross-border logistics localization operation, strengthen cooperation with local logistics company, etc.译文:跨境电子商务与物流模式创新Gesner G H.摘要跨境电子商务发展迅速,但跨境物流尚未适应其发展,二者无法实现协同发展。

英语作文-城投债风险暴露引发金融资产管理公司关注

英语作文-城投债风险暴露引发金融资产管理公司关注

英语作文-城投债风险暴露引发金融资产管理公司关注Recently, the risks associated with municipal bonds in China have garnered significant attention from financial asset management companies. These risks primarily revolve around the exposure of local government financing vehicles (LGFVs) and their bond issuances, commonly known as urban investment bonds.Urban investment bonds, or city investment bonds, are a critical financial instrument used by local governments in China to fund infrastructure projects such as roads, bridges, and public facilities. These bonds are typically issued through LGFVs, which act as financing platforms for municipalities. The rationale behind using LGFVs is to circumvent direct borrowing restrictions imposed on local governments by the central authorities.However, the rapid expansion of urban investment bonds has raised concerns about their underlying risks. One of the most significant issues is the implicit guarantee of repayment by local governments. Although these bonds are technically issued by LGFVs, investors often perceive them as having the backing of the local government. This perception creates moral hazard by encouraging risky borrowing and investment behavior among LGFVs, assuming that local governments will bail them out in case of financial distress.Moreover, the credit quality of urban investment bonds varies widely across different regions and issuers. While some municipalities have strong fiscal positions and robust revenue streams to support their debt obligations, others face challenges such as declining land sales revenue, high levels of existing debt, and limited capacity for generating new revenue. These factors contribute to varying levels of credit risk associated with urban investment bonds issued by different LGFVs.Another critical aspect of concern is the transparency and disclosure practices surrounding urban investment bonds. Unlike corporate bonds, which are subject tostringent disclosure requirements, urban investment bonds may lack transparency in terms of financial reporting and risk disclosure. This opacity can obscure the true financial health of LGFVs and make it difficult for investors to accurately assess the risks involved.The recent increase in defaults on urban investment bonds has further underscored these concerns. As economic conditions fluctuate and fiscal pressures mount on local governments, the ability of LGFVs to repay their bond obligations becomes increasingly uncertain. In 2023 alone, several high-profile defaults on urban investment bonds have occurred, prompting financial asset management companies to reassess their exposure to these securities.In response to these challenges, financial asset management companies have intensified their scrutiny of urban investment bonds. They are employing more rigorous credit analysis and risk assessment frameworks to evaluate the creditworthiness of issuers. This includes assessing the financial strength of LGFVs, analyzing their revenue sources and expenditure patterns, and evaluating the legal and regulatory environment in which they operate.Furthermore, there is a growing trend towards diversification within municipal bond portfolios. Asset managers are increasingly investing in bonds issued by municipalities with stronger credit profiles and better governance practices. This strategy aims to mitigate the overall credit risk exposure associated with urban investment bonds while still capitalizing on their attractive yields compared to other fixed-income instruments.Looking ahead, the future of urban investment bonds in China hinges on several factors, including regulatory reforms aimed at enhancing transparency and accountability in municipal finance. Strengthening fiscal discipline at the local government level and improving the financial management capabilities of LGFVs will also be crucial in mitigating the risks associated with these bonds.In conclusion, while urban investment bonds offer municipalities a vital source of funding for infrastructure development, they also pose significant risks to investors due to issues such as implicit guarantees, varying credit quality, and lack of transparency.Financial asset management companies are adapting by adopting more stringent risk management practices and exploring diversification strategies to navigate these challenges effectively.。

米什金货币金融学英文版习题答案chapter1英文习题

米什金货币金融学英文版习题答案chapter1英文习题

米什金货币金融学英文版习题答案chapter1英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 1 Why Study Money, Banking, and Financial Markets?1.1 Why Study Financial Markets?1) Financial markets promote economic efficiency byA) channeling funds from investors to savers.B) creating inflation.C) channeling funds from savers to investors.D) reducing investment.Answer: CAACSB: Reflective Thinking2) Financial markets promote greater economic efficiency by channeling funds from ________ to ________.A) investors; saversB) borrowers; saversC) savers; borrowersD) savers; lendersAnswer: CAACSB: Reflective Thinking3) Well-functioning financial markets promoteA) inflation.B) deflation.C) unemployment.D) growth.Answer: DAACSB: Reflective Thinking4) A key factor in producing high economic growth isA) eliminating foreign trade.B) well-functioning financial markets.C) high interest rates.D) stock market volatility.Answer: BAACSB: Reflective Thinking5) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are calledA) commodity markets.B) fund-available markets.C) derivative exchange markets.D) financial markets.Answer: DAACSB: Application of Knowledge6) ________ markets transfer funds from people who have an excess of available funds to people who have a shortage.A) CommodityB) Fund-availableC) FinancialD) Derivative exchangeAnswer: CAACSB: Application of Knowledge7) Poorly performing financial markets can be the cause ofA) wealth.B) poverty.C) financial stability.D) financial expansion.Answer: BAACSB: Reflective Thinking8) The bond markets are important because they areA) easily the most widely followed financial markets in the United States.B) the markets where foreign exchange rates are determined.C) the markets where interest rates are determined.D) the markets where all borrowers get their funds.Answer: CAACSB: Reflective Thinking9) The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as theA) inflation rate.B) exchange rate.C) interest rate.D) aggregate price level.Answer: CAACSB: Application of Knowledge10) Compared to interest rates on long-term U.S. government bonds, interest rates on three-month Treasury bills fluctuate ________ and are ________ on average.A) more; lowerB) less; lowerC) more; higherD) less; higherAnswer: AAACSB: Reflective Thinking11) The interest rate on Baa corporate bonds is ________, on average, than interest rates on Treasuries, and the spread between these rates became ________ in the 1970s.A) lower; smallerB) lower; largerC) higher; smallerD) higher; largerAnswer: DAACSB: Reflective Thinking12) Everything else held constant, a decline in interest rates will cause spending on housing toA) fall.B) remain unchanged.C) either rise, fall, or remain the same.D) rise.Answer: DAACSB: Analytical Thinking13) High interest rates might ________ purchasing a house or car but at the same time high interest rates might ________ saving.A) discourage; encourageB) discourage; discourageC) encourage; encourageD) encourage; discourageAnswer: AAACSB: Analytical Thinking14) An increase in interest rates might ________ saving because more can be earned in interest income.A) encourageB) discourageC) disallowD) invalidateAnswer: AAACSB: Analytical Thinking15) Everything else held constant, an increase in interest rates on student loansA) increases the cost of a college education.B) reduces the cost of a college education.C) has no effect on educational costs.D) increases costs for students with no loans.Answer: AAACSB: Analytical Thinking16) High interest rates might cause a corporation to ________ building a new plant that would provide more jobs.A) completeB) considerC) postponeD) contemplateAnswer: CAACSB: Analytical Thinking17) The stock market isA) where interest rates are determined.B) the most widely followed financial market in the United States.C) where foreign exchange rates are determined.D) the market where most borrowers get their funds.Answer: BAACSB: Reflective Thinking18) Stock prices areA) relatively stable trending upward at a steady pace.B) relatively stable trending downward at a moderate rate.C) extremely volatile.D) unstable trending downward at a moderate rate.Answer: CAACSB: Reflective Thinking19) A rising stock market index due to higher share pricesA) increases people's wealth, but is unlikely to increase their willingness to spend.B) increases people's wealth and as a result may increase their willingness to spend.C) decreases the amount of funds that business firms can raise by selling newly-issued stock.D) decreases people's wealth, but is unlikely to increase their willingness to spend. Answer: BAACSB: Analytical Thinking20) When stock prices fallA) an individual's wealth is not affected nor is their willingness to spend.B) a business firm will be more likely to sell stock to finance investment spending.C) an individual's wealth may decrease but their willingness to spend is not affected.D) an individual's wealth may decrease and their willingness to spend may decrease. Answer: DAACSB: Analytical Thinking21) Changes in stock pricesA) do not affect people's wealth and their willingness to spend.B) affect firms' decisions to sell stock to finance investment spending.C) occur in regular patterns.D) are unimportant to decision makers.Answer: BAACSB: Reflective Thinking22) An increase in stock prices ________ the size of people's wealth and may ________ their willingness to spend, everythingelse held constant.A) increases; increaseB) increases; decreaseC) decreases; increaseD) decreases; decreaseAnswer: AAACSB: Analytical Thinking23) Low stock market prices might ________ consumers’ willingness to spend and might________ businesses willingness to undertake investment projects.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: CAACSB: Analytical Thinking24) Fear of a major recession causes stock prices to fall, everything else held constant, which in turn causes consumer spending toA) increase.B) remain unchanged.C) decrease.D) cannot be determined.Answer: CAACSB: Reflective Thinking25) A share of common stock is a claim on a corporation'sA) debt.B) liabilities.C) expenses.D) earnings and assets.Answer: DAACSB: Application of Knowledge26) On ________, October 19, 1987, the stock market experienced its worst one-day drop in its entire history with the DJIA falling by 22%.A) "Terrible Tuesday"B) "Woeful Wednesday"C) "Freaky Friday"D) "Black Monday"Answer: DAACSB: Application of Knowledge27) The decline in stock prices from 2000 through 2002A) increased individuals' willingness to spend.B) had no effect on individual spending.C) reduced individuals' willingness to spend.D) increased individual wealth.Answer: CAACSB: Analytical Thinking28) The Dow reached a peak of over 11,000 before the collapse of the ________ bubble in 2000.A) housingB) manufacturingC) high-techD) bankingAnswer: CAACSB: Application of Knowledge29) When I purchase a corporate ________, I am lending the corporation funds for a specific time. When I purchase a corporation's ________, I become an owner in the corporation.A) bond; stockB) stock; bondC) stock; debt securityD) bond; debt securityAnswer: AAACSB: Application of Knowledge30) What is a stock? How do stocks affect the economy?Answer: A stock represents a share of ownership of a corporation, or a claim on a firm's earnings/assets. Stocks are part of wealth, and changes in their value affect people's willingness to spend. Changes in stock prices affect a firm's ability to raise funds, and thus their investment. AACSB: Application of Knowledge31) Why is it important to understand the bond market?Answer: The bond market supports economic activity by enabling the government and corporations to borrow to undertake their projects and it is the market where interest rates are determined.AACSB: Application of Knowledge1.2 Why Study Financial Institutions and Banking?1) Channeling funds from individuals with surplus funds to those desiring funds when the saver does not purchase the borrower's security is known asA) barter.B) redistribution.C) financial intermediation.D) taxation.Answer: CAACSB: Application of Knowledge2) A financial crisis isA) not possible in the modern financial environment.B) a major disruption in the financial markets.C) a feature of developing economies only.D) typically followed by an economic boom.Answer: BAACSB: Application of Knowledge3) Banks are important to the study of money and the economy because theyA) channel funds from investors to savers.B) have been a source of rapid financial innovation.C) are the only important financial institution in the U.S. economy.D) create inflation.Answer: BAACSB: Reflective Thinking4) BanksA) provide a channel for linking those who want to save with those who want to invest.B) produce nothing of value and are therefore a drain on society's resources.C) are the only financial institutions allowed to give loans.D) hold very little of the average American's wealth.Answer: AAACSB: Reflective Thinking5) Banks, savings and loan associations, mutual savings banks, and credit unionsA) are no longer important players in financial intermediation.B) since deregulation now provide services only to small depositors.C) have been adept at innovating in response to changes in the regulatory environment.D) produce nothing of value and are therefore a drain on society's resources.Answer: CAACSB: Reflective Thinking6) Financial institutions search for ________ has resulted in many financial innovations.A) higher profitsB) regulationsC) respectD) higher riskAnswer: AAACSB: Application of Knowledge7) Banks and other financial institutions engage in financial intermediation, whichA) can hurt the performance of the economy.B) can benefit economic performance.C) has no effect on economic performance.D) involves borrowing from investors and lending to savers.Answer: BAACSB: Reflective Thinking8) Financial institutions that accept deposits and make loans are calledA) exchanges.B) banks.C) over-the-counter markets.D) finance companies.Answer: BAACSB: Application of Knowledge9) The financial intermediaries that the average person interacts with most frequently areA) exchanges.B) over-the-counter markets.C) finance companies.D) banks.Answer: DAACSB: Application of Knowledge10) Which of the following is NOT a financial institution?A) A life insurance companyB) A pension fundC) A credit unionD) A business collegeAnswer: DAACSB: Application of Knowledge11) The delivery of financial services electronically is calledA) e-business.B) e-commerce.C) e-finance.D) e-possible.Answer: CAACSB: Information Technology12) What crucial role do financial intermediaries perform in an economy?Answer: Financial intermediaries borrow funds from people who have saved and make loans to other individuals and businesses and thus improve the efficiency of the economy.AACSB: Reflective Thinking1.3 Why Study Money and Monetary Policy?1) Money is defined asA) bills of exchange.B) anything that is generally accepted in payment for goods and services or in the repayment of debt.C) a risk-free repository of spending power.D) the unrecognized liability of governments.Answer: BAACSB: Application of Knowledge2) The upward and downward movement of aggregate output produced in the economy is referred to as theA) roller coaster.B) see saw.C) business cycle.D) shock wave.Answer: CAACSB: Application of Knowledge3) Sustained downward movements in the business cycle are referred to asA) inflation.B) recessions.C) economic recoveries.D) expansions.Answer: BAACSB: Application of Knowledge4) During a recession, output declines result inA) lower unemployment in the economy.B) higher unemployment in the economy.C) no impact on the unemployment in the economy.D) higher wages for the workers.Answer: BAACSB: Analytical Thinking5) Prior to almost all recessions since 1950, there has been a drop inA) inflation.B) the money stock.C) the growth rate of the money stock.D) interest rates.Answer: CAACSB: Application of Knowledge6) Evidence from business cycle fluctuations in the United States indicates thatA) a negative relationship between money growth and general economic activity exists.B) recessions are usually preceded by declines in bond prices.C) recessions are usually preceded by dollar depreciation.D) recessions are usually preceded by a decline in the growth rate of money.Answer: DAACSB: Reflective Thinking7) ________ theory relates the quantity of money and monetary policy to changes in aggregate economic activity and inflation.A) MonetaryB) FiscalC) FinancialD) SystemicAnswer: AAACSB: Application of Knowledge8) A continuing increase in the growth of the money supply is likely followed byA) a recession.B) a depression.C) an increase in the price level.D) no change in the economy.Answer: CAACSB: Reflective Thinking9) It is true that inflation is aA) continuous increase in the money supply.B) continuous fall in prices.C) decline in interest rates.D) continually rising price level.Answer: DAACSB: Application of Knowledge10) Which of the following is a TRUE statement?A) Money or the money supply is defined as Federal Reserve notes.B) The average price of goods and services in an economy is called the aggregate price level.C) The inflation rate is measured as the rate of change in the federal government budget deficit.D) The aggregate price level is measured as the rate of change in the inflation rate.Answer: BAACSB: Application of Knowledge11) If the prices would have been much higher ten years ago for the items the average consumer purchased last month, then one can likely conclude thatA) the aggregate price level has declined during this ten-year period.B) the average inflation rate for this ten-year period has been positive.C) the average rate of money growth for this ten-year period has been positive.D) the aggregate price level has risen during this ten-year period.Answer: AAACSB: Analytical Thinking12) From 1950-2014 the price level in the United States increased more thanA) twofold.B) threefold.C) sixfold.D) tenfold.Answer: DAACSB: Reflective Thinking13) Complete Milton Friedman's famous statement, "Inflation is always and everywhere a________ phenomenon."A) recessionaryB) discretionaryC) repressionaryD) monetaryAnswer: DAACSB: Application of Knowledge14) There is a ________ association between inflation and the growth rate of money ________.A) positive; demandB) positive; supplyC) negative; demandD) negative; supplyAnswer: BAACSB: Application of Knowledge15) Evidence from the United States and other foreign countries indicates thatA) there is a strong positive association between inflation and growth rate of money over long periods of time.B) there is little support for the assertion that "inflation is always and everywhere a monetary phenomenon."C) countries with low monetary growth rates tend to experience higher rates of inflation, all else being constant.D) money growth is clearly unrelated to inflation.Answer: AAACSB: Reflective Thinking16) Countries that experience very high rates of inflation may also haveA) balanced budgets.B) rapidly growing money supplies.C) falling money supplies.D) constant money supplies.Answer: BAACSB: Reflective Thinking17) Between 1950 and 1980 in the U.S., interest rates trended upward. During this same time periodA) the rate of money growth declined.B) the rate of money growth increased.C) the government budget deficit (expressed as a percentage of GNP) trended downward.D) the aggregate price level declined quite dramatically.Answer: BAACSB: Reflective Thinking18) The management of money and interest rates is called________ policy and is conducted bya nation's ________ bank.A) monetary; superiorB) fiscal; superiorC) fiscal; centralD) monetary; centralAnswer: DAACSB: Application of Knowledge19) The organization responsible for the conduct of monetary policy in the United States is theA) Comptroller of the Currency.B) U.S. Treasury.C) Federal Reserve System.D) Bureau of Monetary Affairs.Answer: CAACSB: Application of Knowledge20) ________ policy involves decisions about government spending and taxation.A) MonetaryB) FiscalC) FinancialD) SystemicAnswer: BAACSB: Application of Knowledge21) When tax revenues are greater than government expenditures, the government has a budgetA) crisis.B) deficit.C) surplus.D) revision.AACSB: Application of Knowledge22) A budget ________ occurs when government expenditures exceed tax revenues for a particular time period.A) deficitB) surplusC) surgeD) surfeitAnswer: AAACSB: Application of Knowledge23) Budgets deficits can be a concern because they mightA) ultimately lead to higher inflation.B) lead to lower interest rates.C) lead to a slower rate of money growth.D) lead to higher bond prices.Answer: AAACSB: Reflective Thinking24) Budget deficits are important because deficitsA) cause bank failures.B) always cause interest rates to fall.C) can result in higher rates of monetary growth.D) always cause prices to fall.Answer: CAACSB: Reflective Thinking25) When a budget deficit occurs in the United States, the U.S. Treasury finances this deficit byA) borrowing.B) imposing a moratorium of new government spending.C) increasing the tax rate.D) printing more dollars.AACSB: Application of Knowledge26) What happens to economic growth and unemployment during a business cycle recession? What is the relationship between the money growth rate and a business cycle recession? Answer: During a recession, output declines and unemployment increases. Prior to almost every recession in the U.S. the money growth rate has declined; however, not every decline is followed by a recession.AACSB: Reflective Thinking1.4 Why Study International Finance?1) American companies can borrow fundsA) only in U.S. financial markets.B) only in foreign financial markets.C) in both U.S. and foreign financial markets.D) only from the U.S. government.Answer: CAACSB: Diverse and multicultural work environments2) The price of one country's currency in terms of another country's currency is called theA) exchange rate.B) interest rate.C) Dow Jones industrial average.D) prime rate.Answer: AAACSB: Application of Knowledge3) The market where one currency is converted into another currency is called the ________ market.A) stockB) bondC) derivativesD) foreign exchangeAnswer: DAACSB: Application of Knowledge4) Everything else constant, a stronger dollar will mean thatA) vacationing in England becomes more expensive.B) vacationing in England becomes less expensive.C) French cheese becomes more expensive.D) Japanese cars become more expensive.Answer: BAACSB: Analytical Thinking5) Which of the following is most likely to result from a stronger dollar?A) U.S. goods exported aboard will cost less in foreign countries, and so foreigners will buy more of them.B) U.S. goods exported aboard will cost more in foreign countries and so foreigners will buy more of them.C) U.S. goods exported abroad will cost more in foreign countries, and so foreigners will buy fewer of them.D) Americans will purchase fewer foreign goods.Answer: CAACSB: Diverse and multicultural work environments6) Everything else held constant, a weaker dollar will likely hurtA) textile exporters in South Carolina.B) wheat farmers in Montana that sell domestically.C) automobile manufacturers in Michigan that use domestically produced inputs.D) furniture importers in California.Answer: DAACSB: Diverse and multicultural work environments7) Everything else held constant, a stronger dollar benefits ________ and hurts ________.A) American businesses; American consumersB) American businesses; foreign businessesC) American consumers; American businessesD) foreign businesses; American consumersAnswer: CAACSB: Diverse and multicultural work environments8) From 1980 to early 1985 the dollar ________ in value, thereby benefiting American________.A) appreciated; consumersB) appreciated, businessesC) depreciated; consumersD) depreciated, businessesAnswer: AAACSB: Diverse and multicultural work environments9) From 1980 to 1985 the dollar appreciated relative to the British pound. Holding everything else constant, one would expect that, when compared to 1980A) fewer Britons traveled to the United States in 1985.B) Britons imported more wine from California in 1985.C) Americans exported more wheat to England in 1985.D) more Britons traveled to the United States in 1985.Answer: AAACSB: Diverse and multicultural work environments10) When in 1985 a British pound cost approximately $1.30,a Shetland sweater that cost 100 British pounds would have cost $130. With a weaker dollar, the same Shetland sweater wouldhave costA) less than $130.B) more than $130.C) $130, since the exchange rate does not affect the prices that American consumers pay for foreign goods.D) $130, since the demand for Shetland sweaters will decrease to prevent an increase in price due to the stronger dollar.Answer: BAACSB: Diverse and multicultural work environments11) Everything else held constant, a decrease in the value of the dollar relative to all foreign currencies means that the price of foreign goods purchased by AmericansA) increases.B) decreases.C) remains unchanged.D) either increases, decreases, or remains unchanged.Answer: AAACSB: Diverse and multicultural work environments12) American farmers who sell beef to Europe benefit most fromA) a decrease in the dollar price of euros.B) an increase in the dollar price of euros.C) a constant dollar price for euros.D) a European ban on imports of American beef.Answer: BAACSB: Diverse and multicultural work environments13) If the price of a euro (the European currency) increases from $1.00 to $1.10, then, everything else held constantA) a European vacation becomes less expensive.B) a European vacation becomes more expensive.C) the cost of a European vacation is not affected.D) foreign travel becomes impossible.Answer: BAACSB: Application of Knowledge14) Everything else held constant, Americans who love French wine benefit most fromA) a decrease in the dollar price of euros.B) an increase in the dollar price of euros.C) a constant dollar price for euros.D) a ban on imports from Europe.Answer: AAACSB: Application of Knowledge15) From 2000 to 2014, the dollar depreciated substantially against other currencies. This drop in value most likely benefittedA) European citizens traveling in the U.S.B) U.S. citizens traveling in Europe.C) U.S. manufacturers importing parts from abroad.D) U.S. citizens purchasing foreign-made automobiles.Answer: AAACSB: Application of Knowledge16) From 1980-1985, the dollar strengthened in value against other currencies. Who was helped and who was hurt by this strong dollar?Answer: American consumers benefitted because imports were cheaper and consumers could purchase more. American businesses and workers in those businesses were hurt as domestic and foreign sales of American products fell.AACSB: Reflective Thinking1.5 How We Will Study Money, Banking, and Financial Markets1) The basic concepts used in the analytic framework of this text include all of the following EXCEPTA) the not-for-profit nature of most financial institutions.B) a basic supply and demand analysis to explain the behavior of financial markets.C) an approach to financial structure based on transaction costs and asymmetric information.D) the concept of equilibrium.Answer: AAACSB: Application of Knowledge2) Using a unified analytic framework to present the information in the text keeps the knowledgeA) focused on theories that have little to do with actual behavior.B) theoretical and uninteresting.C) abstract and not applicable to real life.D) from becoming obsolete.Answer: DAACSB: Application of Knowledge1.6 Appendix: Defining Aggregate Output, Income, the Price Level, and the Inflation Rate1) The most comprehensive measure of aggregate output isA) gross domestic product.B) net national product.C) the stock value of the industrial 500.D) national income.Answer: AAACSB: Application of Knowledge2) The gross domestic product is theA) the value of all wealth in an economy.B) the value of all goods and services sold to other nations in a year.C) the market value of all final goods and services produced in an economy in a year.D) the market value of all intermediate goods and services produced in an economy in a year. Answer: CAACSB: Application of Knowledge3) Which of the following items are NOT counted in U.S. GDP?A) your purchase of a new Ford MustangB) your purchase of new tires for your old carC) GM's purchase of tires for new carsD) a foreign consumer's purchase of a new Ford MustangAnswer: CAACSB: Reflective Thinking4) If an economy has aggregate output of $20 trillion, then aggregate income isA) $10 trillion.B) $20 trillion.C) $30 trillion.D) $40 trillion.Answer: BAACSB: Analytical Thinking5) When the total value of final goods and services is calculated using current prices, the resulting measure is referred to asA) real GDP.B) the GDP deflator.C) nominal GDP.D) the index of leading indicators.Answer: CAACSB: Application of Knowledge6) Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices.A) current; currentB) current; fixedC) fixed; fixedD) fixed; currentAnswer: BAACSB: Application of Knowledge7) GDP measured with constant prices is referred to asA) real GDP.B) nominal GDP.C) the GDP deflator.D) industrial production.Answer: AAACSB: Application of Knowledge8) If your nominal income in 2014 was $50,000, and prices doubled between 2014 and 2017, to have the same real income, your nominal income in 2017 must beA) $50,000.B) $75,000.C) $90,000.D) $100,000.Answer: DAACSB: Analytical Thinking9) If your nominal income in 2014 is $50,000, and prices increase by 50% between 2014 and 2017, then to have the same real income, your nominal income in 2017 must beA) $50,000.B) $75,000.。

Fidelity Investments Webinar Series 1 技术分析 - 图表模式识

Fidelity Investments Webinar Series 1 技术分析 - 图表模式识

Important InformationAny screenshots, charts, or company trading symbols mentioned are provided for illustrative purposes only and should not be considered an offer to sell, a solicitation of an offer to buy, or a recommendation for the security.Investing involves risk, including risk of loss.Past performance is no guarantee of future resultsStop loss orders do not guarantee the execution price you will receive and have additional risks that may be compounded in pe riods of market volatility. Stop loss orders could be triggered by price swings and could result in an execution well below your trigg er price.Trailing stop orders may have increased risks due to their reliance on trigger pricing, which may be compounded in periods of market volatility, as well as market data and other internal and external system factors. Trailing stop orders are held on a separat e, internal order file, place on a "not held" basis and only monitored between 9:30 AM and 4:00 PM Eastern.Technical analysis focuses on market action –specifically, volume and price. Technical analysis is only one approach to analyzing stocks. When considering which stocks to buy or sell, you should use the approach that you're most comfortable with. As with all your investments, you must make your own determination as to whether an investment in any particular security or securities is right for you based on your investment objectives, risk tolerance, and financial situation. Past performance is no guarantee of future results.Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917© 2020 FMR LLC. All rights reserved.919638.1.0Getting Started with Technical AnalysisLearn the assumptions that guide technical analysis, and get to know the basics of trend trading.Understanding Indicators in Technical AnalysisIdentify the various types of technical indicators, including trend, momentum, volume, volatility, and support and resistance.Identifying Chart Patterns with Technical Analysis Use charts and learn chart patterns through specific examples of important patterns in bar and candlestick charts.Managing Risk with Technical AnalysisManage your trading risk with a range of confirmation methods.About Our Coauthor Charles D. Kirkpatrick II, CMTCharles D. Kirkpatrick II, CMT, is president of Kirkpatrick & Company, Inc., a technical analysis research firm that publishes the Market Strategist investment newsletter. A past instructor in finance at the School of Business Administration at Fort Lewis College and adjunct professor of finance at Brandeis University International Business School, he is a two-time winner of the Chartered Market Technicians Association’s prestigious Charles H. Dow Award for research in technical analysis, winner of the MTA Annual Award in 2008 for “Outstanding Contributions to the Field of Technical Analysis,” and winner in 2012 of the Mike Epstein Award from the MTA Educational Foundation for “Long-Term sponsorship of Technical Analysis in Academia.”He is a Chartered Market Technician, a past member of the board of directors of the Market Technicians Association, past editor of the Journal of Technical Analysis, past board member and vice president of the CMT Association Educational Foundation and a member of the American Association of Professional Technicians (AAPTA). He coauthored Technical Analysis: The Complete Source for Financial Market Technicians, the primary textbook for the CMT program and for university graduate courses on technical analysis, authored Beat the Market and, most recently, Time the Markets: Using Technical Analysis to Interpret Economic Data.He is a graduate of Phillips Exeter Academy, Harvard College (AB), and the Wharton School (MBA) and lives with his wife in Maine.Construction of Common Chart Patterns Understanding Patterns and Their Limits Techniques for Trading Patterns AgendaDefining Patterns•A pattern is bounded by at least two trend lines (straight or curved)•All patterns have a combination of entry and exit points•Patterns can be continuation patterns or reversal patterns•Patterns are fractal, meaning that they can be seen in any chartingperiod (weekly, daily, minute, etc.)•A pattern is not complete or activated until an actual breakout occursThe Limits of PatternsKeep in MindSome of our human tendencies can bedangerous for investors.•See patterns where there aren’t any•Believe “market lore,” technical and fundamental, without evidence•Look backwards rather than forward•Stick with original price targets of patterns after conditions havechangedTechniques for Trading Patterns•Breakouts•Entry Stops•Protective Stops•RetracementsBreakoutsViolation of Trend Line,Support or Resistance, orprevious reversal pointIt signifies that a changeResistance Breakout in buyer and sellerbehavior and signalsthe beginning or endof a trend.PriceConfirmation FiltersTypes of Filters•Intrabar •Multiple closes •Time •Percentage or point •MoneyConfirmation FiltersApply a confirmation filter to determine whether a breakout has taken place.Entry StopsEntry StopsBuy stop orders are used toenter trades once the pricebreaks out.Resistance BreakoutTrend Line BreakoutFalse and Failed Breakouts False BreakoutPrice breaks out but almost immediately returns back through its breakout price.Failed Breakout (Trap)False breakout occurs and the price then breaks out in the opposite direction.ResistanceLineBreakout False Breakout (returnthrough breakout level)Failed BreakoutTrend LineProtective StopsProtects Capital Determines the amount of capital risk before entryTypes ofplacement•Filters, such as percent, points, or money•Trend line, support or resistance level with filter Resistance LineProtective StopBreakoutTrading False Breakouts Using Protective Stops Example•Enter on breakout•Place protective stopoutside breakout baropposite from breakoutdirection•Place entry stop at same level (called a “stop andreverse” order)•If price continues indirection of breakout, profit from breakout entry•If breakout is false, profit from stop and reverse False BreakoutFailureProtective sell stop and sellshort entry stopRetracements Counter TrendCorrectionTypes•Pullback (on breakout down)•Throwback (on breakout up) Waiting for•Don’t always occur •Performance can sufferwhen they doRetracement (pullback) Trend Line BreakoutHorizontal Congestion: Double TopCharacteristics:•Two successive peaks separated by an opposite reversal point•Either rounded or pointed peaks that are usually at roughly the same price (resistance level)•Price must break out of middle reversal pointDouble TopBreakout Resistance LineSupportLine BreakoutPullbackEntryPriceDouble Top(breakout down)Calculate target price:Taking the height from the highest peak to the trough andthen subtracting the amount from the breakout price to thedownside.Horizontal Congestion: Double Bottom Characteristics:•Two successive troughs separated by a peak•Either rounded or pointed troughs that are usually at roughly the same price (support level)•Price must break out of middle peak Double BottomBreakout Resistance line Support lineBreakout ThrowbackEntry Price Double Bottom (breakout up)Calculate target price:Taking the distance from the troughs to the peak and then adding that amount from the breakout price to the upside.Characteristics:•Three distinct peaks at roughly the same price level separated by two intermittent troughs•Breakout occurs when price exceeds the extreme of the intermittent trough or a trend line connecting those pointsHorizontal Congestion: Triple TopResistance lineSupport lineBreakoutPullbackEntryPriceTriple Top (breakout down)Triple TopBreakoutCalculate target price:Take the height from the highest peak to the lowest trough in the pattern. Then subtract that amount from the lowest trough in the pattern to generate a price target.Horizontal Congestion: Triple Bottom Characteristics:•Three distinct troughs at roughly thesame price level separated by twointermittent peaks at any level•Breakout occurs when price exceeds the extreme of the intermittent peaks or a trend line connecting thosepoints•Best performance may be after a sustained decline*•An average performance, but watch for failures*Resistance lineSupport lineBreakoutThrowbackEntryPriceTriple Bottom(breakout up)TripleBottomBreakoutCalculate target price:Take the height from the highest peak to the lowest troughin the pattern. Then add that amount to the highest peak inthe pattern to generate a price target.Characteristics:•Trading range with support and resistance levels bounding price action•Slight tilt, similar to horizontal channel•Often has many false breakouts *•Things to consider:‐Confirm a breakout‐“Shortfall” often indicator of eventual breakout direction•Best occurrence may be bottom breaking upward *Horizontal Congestion: RectanglesResistance lineSupport lineBreakoutThrowbackEntryPriceRectangle(entry up, breakout up)Resistance ZoneBreakoutShortfallSupport ZoneCalculate target price:Take the height from the resistance line to the support line. Then either add that amount to the resistance line to generate a price target for an upside breakout, OR subtract that amount from the support line to generate a price target for a downside breakout.Characteristics:•Bounded by a downward sloping upper trend line and an upwardsloping lower trend line. Each bound is a straight trend line•Prices must touch each bound at least twice. Many false breakouts. Moderately successful in performance•Things to consider:‐Confirm a breakout•Best occurrence may be upward breaking out –above average for all patterns *Triangle: SymmetricalBreakoutThrowbackEntryPriceSymmetrical Triangle(breakout up)Target LineCradleCalculate target price:Take the height from the highest peak in the pattern to the lowest trough in the pattern. Then either add it (for upward breakouts) to the breakout price or subtract it (for downward breakouts) from the breakout price to generate a price target.Characteristics:•Bounded by a horizontal upper trend line and an upward sloping lowertrend line. Each bound is a straighttrend line•Prices can break in either direction, but more commonly upward*•Breakout usually occurs in pattern.About average failure rates but many small false breakouts*•Post breakout performance average on upside but above average ondownside*PullbackEntryPriceAscending Triangle(breakout down)TargetLineBreakoutUptrend LineResistance lineSupport lineCalculate target price:Take the height from the highest peak in the pattern to the lowest trough in the pattern. Then either add it (for upward breakouts) to the breakout price or subtract it (for downward breakouts) from the breakout price to generate a price target.Characteristics:•Bounded by two trend lines; the lower is horizontal and the upper slopes downward•Prices can break in either direction but most commonly downward*•Above-average performance on upside break; retracements occuroften*PullbackEntryPriceDescending Triangle(breakout down)Breakout DownBreakoutDowntrendLineResistance lineSupport lineCalculate target price:Take the height from the highest peak in the pattern to thelowest trough in the pattern. Then either add it (for upwardbreakouts) to the breakout price or subtract it (for downwardbreakouts) from the breakout price to generate a price target.Triangle: Wedge Characteristics:•Bounded by two trend lines, eachheaded in the same direction; Pricemust touch a trend line at least fivetimes (3 times on one and 2 times on the other) before a breakout•Often occur following a panic(declining wedge) or bubble(rising wedge)•Performance in both types is below average, and retracements arevery common*PullbackClimaxPriceRising Wedge(breakout down from climax peak)BreakoutEntryCalculate target price:For downward breakout, the lowest trough in the pattern is the price target. For upward breakouts, take the height from the highest peak in the pattern to the lowest trough in the pattern and add that amount to the breakout price for a price target.Head and Shoulders: Top Characteristics:•Three peaks with center peak higherthan the other two•Shoulders should be at approximatelythe same level and the head higher•Line connecting the two throughs between the peaks is calledthe “neckline”•Pattern is only complete on breaking the neckline•Target is the distance from the head to the neckline projected from the neckline•This is a standard pattern for tops and has one of the lowest failure ratesNecklineTargetLeft ShoulderHeadRight ShoulderBreakoutHead and Shoulders: Bottom (Inverse)Characteristics:•Inverted but otherwise identical to a top pattern except not as profitable *NecklineLeft ShoulderHeadEntryPriceHead and Shoulders Bottom(breakout up)NecklineBreakoutBreakoutRight ShoulderThrowbackLeft ShoulderRight ShoulderHeadCup and Handle (also “Saucer”)Characteristics:•Pattern consists of a rounded bottom (not a “V” bottom), two “lips” at each end, and a “handle” (similar to a flag pattern) from the handle•Pattern is complete with breakout above both lips •Often have a throwback•The pattern’s performance ranks about average for bottom patterns *Calculate target price:Take the height of the right cup lip to the bottom of the cup, then add that amount to the breakout price.PriceRounding Bottom (breakout up)Breakout DownEntryLipHandleThrowbackBreakoutCup or BowlBreakoutLipBROKERAGE: TECHNICAL ANALYSISTrading with Patternsnd = Buy = Stop = Exit Rectangle Triangle Triangle Wedge WedgeBest Multi-Bar PatternsUpward Signals•Descending Triangle•Rectangle•Pipe Bottom Downward Signals•Flag•Head and Shoulders top•Island ReversalGetting Started with Technical AnalysisLearn the assumptions that guide technical analysis, and get to know the basics of trend trading.Understanding Indicators in Technical AnalysisIdentify the various types of technical indicators including, trend, momentum, volume, and support and resistance.Identifying Chart Patterns with Technical Analysis Use charts and learn chart patterns through specific examples of important patterns in bar and candlestick charts.Managing Risk with Technical AnalysisManage your trading risk with a range of confirmation methods.Thank YouPlease join us for our upcoming webinars/webinarsDownload Active Trader Pro for free at /ATPQuestions? Call a trading specialist at877-907-4429。

上财投资学教程第二版课后练习第4章习题集

上财投资学教程第二版课后练习第4章习题集

习题集一、判断题(40题)1、贝塔值为零的股票的预期收益率为零。

F2、CAPM模型表明,如果要投资者持有高风险的证券,相应地也要更高的回报率。

T3、通过将0.75的投资预算投入到国库券,其余投向市场资产组合,可以构建贝塔值为0.75的资产组合。

F4、CAPM模型认为资产组合收益可以由系统风险得到最好的解释。

T5、如果所有的证券都被公平定价,那么所有的股票将提供相等的期望收益率。

F6、投资组合中成分证券相关系数越大,投资组合的相关度高,投资组合的风险就越小。

F7、对于不同的投资者而言,其投资组合的效率边界也是不同的。

F8、偏好无差异曲线位置高低的不同能够反映不同投资者在风险偏好个性上的差异。

T9、在市场模型中,β大于1的证券被称为防御型证券。

F10、同一投资者的偏好无差异曲线不可能相交。

T11、收益的不确定性即为投资的风险,风险的大小与投资时间的长短成反比。

F12、对于某一股票,股利收益率越高,持有期回收率也就越高。

F13、资产组合的收益率是组合中各资产收益率的代数相加后的和。

F14、证券投资的风险主要体现在未来收益的不确定性上,即实际收益与投资者预期收益的背离。

T15、市场风险指的是市场利率变动引起证券投资收益不确定的可能性。

F16、利率风险对于各种证券都是有影响的,但是影响程度会因证券的不同而有区别,对于固定收益证券的要大于对浮动利率证券的影响。

T17、购买力风险属于系统风险,是由于货币贬值给投资者带来实际收益水平下降的风险。

T18、非系统风险可以通过组合投资的方式进行分散,如果组合方式恰当,甚至可以实现组合资产没有非系统风险。

T19、信用风险属于非系统风险,当证券发生信用风险时,投资股票比投资债券的损失大。

F20、经营风险是由于公司经营状况变化而引起盈利水平的改变,从而产生投资者预期收益下降的可能。

经营风险在任何公司中都是存在的,所以投资者是无法规避经营风险的。

F21、收益与风险的关系表现在一般情况下,风险较大的证券,收益率也较高;收益率较低的证券,其风险也较小。

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International Project Finance Chapter 4 Several PF Models
1
BOT-CONTENT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
Chapter4 Several Project Finance Models
International Project Finance
Chapter 4 Several PF Models
1
Focus of this chapter



Understand the basic principles of designing a PF model The definition of the key PF models The benefit and disadvantages of the key PF model The procedure of the key PF model

14
BOT- Role of Host Government
1.Choose project vehicle 2.Provide a right to private parties of operating an already existing project 3.Provide private parties with the development right of land around the project 4.Clarify policy on return on investment 5.Provide off-take agreement as guarantee 6.Provide protection against competition
21
深圳沙角B电厂项目BOT融资模式





合作期间,A方主要承担义务: (1)提供项目使用的土地、工厂操作人员,以及为项 目安排优惠的税收政策; (2)为项目提供一个具有“供货或付款”性质的煤炭 供 应协议; (3)为项目提供一个具有“提货或付款”性质的电力 购 买协议; (4)为B方提供一个具有“资金缺额担保”性质的贷 款协议,同意在一定条件下,如果项目支出大于项目 收入则为B方提供一定数额的贷款。
International Project Finance Chapter 4 Several PF Models
1
BOT-CONTENT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
International Project Finance Chapter 4 Several PF Models
1
BOT-CONTENT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages
25
Review-BOT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages

26
4.2 financing of oil, gas and mineral properties
International Project Finance
Chapter 4 Several PF Models
1
BOT-CONTENT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages


项目的合作期为10年。 B方权责:
( 1 ) B方负责安排提供项目全部的外汇资金;
( 2 )组织项目建设;
( 3 )负责经营电厂10年(合作期); ( 4 ) B方获得在扣除项目经营成本、煤炭成本
和支付给A方的管理费之后的全部项目收益。
( 5 )合作期满,B方将项目的资产所有权和控制
权无偿移交给A方,并退出项目。
23
偿还 债务 合和电力(中国) 国际贷款银团 日本进出口银行

项目贷款
项目风险担保 出口信贷
广东省政府
支持信

沙角B电厂
电 力 购 买 协 议
交钥匙承包合同
⑤ ⑥
工程设备/ 建设财团

项目保险
工程履约保函
工程担保银行

中国人保

煤 炭 供 应 协 议

①② 担保
电力销售收入
深圳特区 电力开发公司
4
Question

How to achieve the above principles?
5
4.4 BOT
6

特许权:franchise,Concession,licence Expiration:期满,截止 Legal title:权利证书,法定权利 Rehabilitate:修复 Refurbish:刷新; 使重新干净 perpetuity:永久,永恒,永远
INTRODUCTION construction and operation of specific infrastructure facilities, such as toll road, bulk supply reservoirs, water treatment plants, and waste disposal stations. Concession The reason for using BOT
22
深圳沙角B电厂项目BOT融资模式



项目的担保结构: (1)具有“供货或付款”性质的煤炭供应协议; (2)具有“提货或付款”性质的电力购买协议; (3)广东省国际信托投资公司为A方的电力购买协 议和煤炭供应协议提供担保; (4)由广东省政府为上述三项安排出具支持信; (5)由设备供应及工程承包财团提供完工担保; (6)银行为工程公司开具履约保函; (7)由中国人民保险公司安排项目保险; (8)国际银团为日本的出口信贷提供的项目风险 担保

16
BOT- Benefits and Disadvantages
Benefits:
1.Decrease the pressure on government budget 2.Not increase debt of government 3.Attract international fund and advanced technology 4.Increase the operating efficiency of the facility 5.Enhance the stability of public sector
7
BOT-CONTENT
Introduction Definition Several variations of BOT Role of host government Benefits and disadvantages

8
Build-Operate-Transfer (BOT)
International Project Finance
Chapter 4 Several PF Models
1ห้องสมุดไป่ตู้
香港合和公司
50%
日本兼松商社
5%
中资公司
45%
B方
合和电力(中国)有限公司
10年经营期利润
合作协议
深圳沙角B电厂
10年后无偿转让
A方
深圳特区电力 开发公司
20
深圳沙角B电厂项目BOT融资模式
International Project Finance Chapter 4 Several PF Models
1
BOT- Benefits and Disadvantages
Disadvantages
May increase opportunity costs May cause huge tax losses May cause over-exploited operation Risk allocation is inappropriate
2
4.1 Basic Principles of Designing a
PF Model
3
Basic Principles



Try to achieve limited recourse Try to realize the appropriate risk allocation Minimize the cost of funding Minimize the equity from the sponsors Realize the off-balance sheet financing

10
BOT-Definition
A BOT project involves a grant by the host government to private sector parties of a right to construct and operate a project for a determined length of time, often up to 30 years and sometimes more. Private parties develop, build, operate and manage the project for the duration of the agreed term, subsequent to the completion of construction, with the goal of recouping construction, operation and financing costs, and making a profit. At the end of the contract term, the project is transferred to the host government. BOT融资模式.flv
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